FUNDAMENTALS OF ABM 1

Fundamentals of Accountancy, Business, and Management (ABM) 1

The Fundamentals of Accountancy, Business, and Management (ABM) 1 module is designed to introduce students to the essential concepts of accountancy, business operations, and management practices. It provides foundational knowledge that is crucial for those who wish to pursue careers in business, finance, entrepreneurship, and related fields.

This module focuses on understanding the core principles of accounting, the basic structure of businesses, and the functions of management. Students will learn how businesses operate, how financial transactions are recorded, and how managers make decisions to ensure the success and sustainability of a business.

The course emphasizes the importance of financial literacy, critical thinking, and decision-making skills that are essential for understanding the financial health of an organization and navigating the world of business. Through practical applications and real-life examples, students will learn how to analyze financial data, create financial statements, and explore various business strategies.

Key Topics Include:

• Introduction to Accountancy: Understanding the role of accounting in business, key accounting terms, and the basic accounting cycle.
• The Accounting Equation: Exploring the basic formula of accounting: Assets = Liabilities + Equity.
• Basic Financial Statements: Learning how to prepare and analyze basic financial statements such as the income statement, balance sheet, and cash flow statement.
• Introduction to Business and its Environment: Understanding different types of businesses (sole proprietorships, partnerships, corporations) and their functions within the economy.
• Business Organization and Structure: Studying the organizational structure of businesses and the roles of different departments like marketing, operations, and finance.
• Management Principles: Introduction to the functions of management such as planning, organizing, leading, and controlling, and how these relate to business operations.
• Entrepreneurship and Business Opportunities: Analyzing the qualities of a successful entrepreneur, identifying business opportunities, and learning about business planning and strategy.
• Basic Business Ethics and Laws: Understanding ethical considerations in business and the importance of legal compliance in business operations.

Through activities such as case studies, exercises, and business simulations, students will develop practical knowledge in accounting and business management. By the end of the module, students will be equipped with a solid foundation in accountancy and management principles, preparing them for further studies or entry into the world of business.