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ACCOUNTANCY
Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provideinvestors, management, and government with quantitative financial information which can be used in making business decisions.
There are three key financial statements generated by your records.
It is critical you keep your financial records clean and up to date if you want to keep your business afloat. Here are just a few of the reasons why it is important for your business, big or small!
ECONOMICS
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently. Indeed, economics is an important subject because of the fact of scarcity and the desire for efficiency.
You might well ask, What is the purpose of this army of economists measuring, analyzing, and calculating? The ultimate goal of economic science is to improve the living conditions of people in their everyday lives. Increasing the gross domestic product is not just a numbers game. Higher incomes mean good food, warm houses, and hot water. They mean safe drinking water and inoculations against the perennial plagues of humanity.
BUSINESS STUDIES
Business activity affects the daily lives of all people, as they work, spend, save, invest, travel, and play. Business inuences jobs, incomes, and opportunities for personal enterprise and development. Business has a signicant effect not only on the standard of living and quality of life, but also on the environment in which people live. At some point in their lives, all students will encounter the world of business. They, therefore, must be prepared to engage in business activity with condence and competence, by understanding how businesses function and the role it plays in our society.
Studying business involves not only involves studying individuals, communities, and organizations, it involves assessing their needs and problems, as well as generating solutions. This subject will build a strong foundation for those students who wish to move on to further study and training in specialised areas such as management, international business, marketing, accounting, information and communication technology, or entrepreneurship. It will also provide practical skills for those who wish to move directly into the workplace.
