BUSINESS STUDIES - LEVEL I SYLABUS



BUSINESS STUDIES - LEVEL I SYLLABUS.

AIM: The aim of this subject is to equip a student with the necessary knowledge and ability in an introductory appreciation of the business activity in his/her own domestic economy. The candidate should be able to

• State facts, use appropriate terminology and give examples of concepts applicable to business.

• Read with understanding and interpret information presented in verbal, numerical and diagrammatical form.

• Recognize, select, organize and present facts, apply data and information appropriately.

• Apply concepts and information in calculating and solving simple problems

Target population: Those who are seeking a broad understanding of business activity, organization and environment. It is particularly suitable for those aspiring to secretarial and clerical positions who need the underpinning of a wide contextual appreciation of the business world to enhance their ability to function efficiently.

Objectives: The following objectives should be met within the domestic business situation of candidates. However, throughout the syllabus, an awareness of the effects on business of information technology and speed of information transfer is expected.

Candidates should be able to complete the following.

1. Principles of business:

• Define the terms: cycle of wants; supply and demand; goods and services.

• Demonstrate an understanding of the above terms by appropriate examples.

• Explain how the need to work and production arise from demand.

• Define the terms: planned, free market and mixed economies.

• Classify business activity between primary, secondary and tertiary sectors of business.

• Explain the terms specialization and division of labour and give appropriate examples.

• Illustrate how exchange of goods and services leads to interdependence of business locally, nationally and internationally.

• Define and illustrate the terms visible and invisible trade, imports and exports.

• Identify and select the factors associated with the location of business – raw materials, population, markets, transport network, natural advantages and government influences.

2. Organization of business:

• State the features of sole trader, partnership, limited companies (public and private) and multi-national organizations according to legal status and scale of business and define the term limited liability.

• Define the term franchise and state the objectives of one particular business.

• Distinguish between public sector and private sector business in terms of ownership, control, sources of funding and distribution of profit or surplus.

• Draw up and complete an organization chart and explain what is shown by such a chart.

• Identify examples of organizations structured in terms of functions, product and market.

• State the reasons for growth and explain the methods by which a business grows: internal expansion, horizontal, vertical and lateral integration.

• Distinguish between internal and external economies of scale.

• Describe how business reduces risk through diversification and insurance and state the types of risk covered.

• Define internal and external communication.

• Illustrate, using different methods of communication, appropriate solutions to business problems.

• Outline the flow of documents in the process of buying and selling and draw up and complete an order, invoice and cheque.

3. Business Activity:

• Distinguish between the forms of production (mass and batch); illustrate quality control in relation to the importance of the market.

• Illustrate the concept of the chain of distribution.

• Illustrate how products are developed to meet market needs; define the concept of product life cycles; market research.

• Define the term ‘marketing mix’ and illustrate the relationships between the ‘4ps’ (product, place, price, promotion).

• Describe main marketing methods and their usefulness in particular situations.

• Define fixed and variable costs, gross and net profit and profit margin.

• Calculate the price of a product from simple information.

• Illustrate and describe sources of financing, loans and overdrafts, hire purchase and retained profits.

• Define the terms creditor and debtor.

• Define liquidity and profitability.

• State the main types of transport.

• Illustrate, using appropriate examples, the suitable method of transport, from given information, providing reasons for the choice.

4. People in business:

• Distinguish between the different types of work: skilled and unskilled; management and labour.

• List the different forms of monetary and non-monetary rewards from work.

• State and illustrate the responsibilities of employee and employer in the workplace in respect of health and safety, in resolving disputes and grievances.

• State and illustrate the roles of the personnel department in recruiting including hob description and advertisement, selection and training.

5. Influences and controls on business:

• Identify the local and national agencies, eg. Chambers of Commerce, Trade associations, Banks, Government Agencies, state support and constraints each presents.

• State the role of pressure groups in influencing business activities.

BUSINESS STUDIES LEVEL II SYLLABUS.

AIM: The aim of this subject is to equip the students with the ability to express an understanding and knowledge of modern business and its domestic and international environment.

Target population: People who wish to develop skills to enable them to function competently in a broad range of business situations. It is particularly suitable for

• Those who aspire to administrative and managerial roles and who need to cultivate the ability to understand and interact effectively with people in different business functions.

• Those seeking to work in a specialist function (eg. Banking, insurance) who, to enhance their effectiveness in dealing with customers and the like require a broad knowledge of business at local, national and international levels.

Objectives: candidates should be able to complete the following:

1. Business environment:

Candidates should demonstrate understanding of the theory of enterprise and economic principles upon which all businesses operate notwithstanding differences in size and activity.

Candidates should make decisions and draw conclusions from given scenarios on matters concerning the following:

• Specialization and division of labour.

• The factors that determine the location of business.

• The principles of international trade and the theory of comparative advantage.

• Balance of trade and balance of payments.

• Trade blocs: co-operative and protective.

2. Structure and organization of business:

• Explain what is meant by the ‘a firm’s corporate objectives’ and show how organizations plan and organize themselves to meet these objectives.

• Illustrate by way of diagrams or charts the formal structure of an organization, and use the diagram to indicate the basic principles of management (i.e. delegation, responsibility and authority).

• Explain in elementary terms the relationship between size, growth and risk in any business organization, including multi-nationals.

• Have a basic working knowledge of the financial structure of a commercial business and be able to distinguish between the following; owner capital, loan capital, capital employed, working capital fixed assets, current assets, turnover and profit.

3. Decision making and planning and control:

• Identify the major departments of commercial business, and explain their individual function within the organization.

• Explain the relationship and interdependence between departments.

• Explain ways in which management might influence planning and control over functions and departments by the introduction of the following techniques: budgeting, costs and pricing, cash control, stock control, credit control.

• Identify the role and methods of market research and marketing in planning and deciding on the appropriate mix of approaches.

• Analyze given financial data: simple final accounts including comparative figures, break-even charts.

4. People in business:

• Identify the elementary principles of industrial psychology as far as human needs are concerned (Maslow, Herzberg and McGregor).

• Explain how work meets human needs and differentiate between extrinsic and intrinsic rewards.

• Explain the importance and process of recruitment and selection and deployment.

• Illustrate the needs for interpersonal communications in problem-solving e.g. formal and informal.

5. External and internal influences:

• Illustrate the influence of government legislation and supranational organizations as forms of business activity, e.g. environment, quality, consumer protection.

• Identify the role of pressure groups and how they can influence management decision making.

• Explain the impact of information technology on the development of business.

• Identify what is meant by ‘social costs’ and illustrate the role played by responsible organizations in meeting their obligations.

BOOK-KEEPING AND ACCONTS LEVEL 1 SYLLABUS.

AIM: The aim of this subject is to equip a student with the necessary knowledge and ability, within the context of a simple sole trader business.

• Process documents involved in the accounting function using double-entry book-keeping.

• Prepare statements as a preliminary to financial control.

• Display information about the financial state of the business.

Target population: the subject is aimed at people seeking a first qualification in book-keeping and accounts. This examination is a single subject, demonstrating an understanding of book-keeping and accounts within a business/secretarial studies foundation course and a foundation upon which to progress within this particular area of study. Candidates who are successful in this subject would be qualified to fulfill a junior role in an account office.

Objectives: Candidates should be able to complete the following:

• Apply principles, concepts and conventions used in the preparation of accounts statements, including the concepts of business entity, prudence, consistency, and materiality and going concern.

• Record: capital as real assets as well as cash, fixed assets, current assets, current liabilities, gross and net profit.

• Distinguish between and give examples of: revenue and capital expenditure; debtors and creditors; expenditure and income.

• Illustrate the relationship of net profit to the capital account.

• Prepare a capital account to record initial capital invested, cash drawing and net profit transferred from the net profit and loss account.

• Interpret basic accounting and documentation including: invoices, statements, credit notes, advice notes delivery notes, dispatch notes.

• Record by double-entry book-keeping simple transactions concerning the purchase of assets and the purchase and sale of goods; purchase returns and sales returns.

• Prepare a two column cash book to record the receipt and payments of cash, cheques, standing orders, direct debits.

• Show an understanding of the functions and operations of current bank accounts, the paying-in book, bank statements.

• Interpret bank statements and cash book in order to draft bank reconciliation statements.

• Use vouchers to prepare a petty cash book, with analysis columns, using the imprest method; balance the petty cash book and transfer the totals to the ledger accounts as necessary.

• Balance the ledger accounts including the cash and bank accounts and bring down the balances to the following accounting period.

• Extract the trial balance from the ledger accounts and discuss its uses and limitations.

• Prepare simple trading and profit and loss accounts from the trial balance and other information provided; showing opening and closing stocks; the calculation of cost of goods sold; gross and net profit.

• Prepare simple stock accounts, showing transfers to and from the trading account.

• Prepare simple balance sheets in vertical and horizontal formats.

BOOK-KEEPING AND ACCOUNTS LEVEL 2 SYLLABUS.

AIM: The aim of this subject is to equip the student with the ability, within the context of a simple sole trader business.

• Process a full range of financial transactions using double-entry book-keeping.

• Prepare control statements.

• Check and correct accounting records as necessary.

• Display comprehensive financial information about the state of the business.

Target population: This subject is aimed at people seeking to develop foundation skills in book-keeping and accounts. A student who is successful in this subject would be competent to fulfil a wide range of routine functions in an accounts office. Alternatively, this subject would provide a degree of specialization within a broad course of study in business and finance.

Objectives: Students should be able to complete the following:

• Record in the journal proper the opening and closing balances of the business; the correction of errors; the purchase and sale of assets.

• Prepare books of original entry including the sakes day book, the purchases day book, the sales returns book and the purchases returns book.

• Apply the relationship between the day books, including the journal and the ledger accounts.

• Sub-divide the ledger into personal, real and nominal accounts; the sales ledger and purchases ledger.

• Prepare a three column cash book distinguishing between cash discounts and trade discounts; discounts received and discounts allowed. Transfer the totals of the discount columns to the respective discount accounts.

• Apply procedures to discover why the trial balance does not agree.

• BE aware of the type of errors shown and those not shown by the trial balance; prepare a suspense account and correct errors.

• Make simple adjustments for prepayments and accruals.

• Record depreciation using the straight line and reducing balance methods; prepare the depreciation account and depreciation provision account.

• Record bad debts and provision for bad and doubtful debts.

• Apply an understanding of stock taking and stock valuation; and be aware of the effects of stock valuation on the profit figure.

• Record drawing in kind as well as in cash.

• Prepare trading and profit and loss accounts making adjustments for returns, prepayments, accruals, depreciation and doubtful debts provisions. Treatment of net loss. Calculation of net purchases, net sales, and cost of goods sold.

• Prepare a balance sheet showing the order of permanence of assets and working capital.

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