Introduction to Business Studies

Complexity: Standard

<h1><strong>INTRODUCTION TO BUSINESS STUDIES</strong></h1> CONTENT <ol> <li>Meaning and Scope of Business Studies</li> <li>Importance of Business Studies</li> <li>Components of Business Studies: Office practice, Commerce, Financial Accounting/Book Keeping, Computer Studies, Keyboarding/Typewriting</li> <li>Career Opportunities</li> </ol> <strong> </strong> <h2><strong>Meaning of Business Studies</strong></h2> Business Studies may be defined as a combination of inter-related business subjects which lead to learning of basic knowledge and skills. It is a course in education that is designed to cover the basic elementary knowledge and skills in organizing business enterprises as well as general office administration. <h2><strong>Importance of Business Studies</strong></h2> The following are the importance of Business Studies: <ol> <li>Acquisition of basic knowledge of Business Studies.</li> <li>The development of basic skills in office practice.</li> <li>The preparation of students for further learning in Business Studies</li>

Introduction to Book-keeping

Complexity: Standard

<h1><strong>INTRODUCTION TO BOOK-KEEPING</strong></h1> CONTENT <ol> <li>Meaning of Book-keeping</li> <li>Importance of Book-keeping and Parties Interested in Book-keeping</li> <li>Essential Qualities of a Book-keeper</li> <li>Common Book-keeping Practices</li> </ol> <br> <h2><strong>Meaning of Book-keeping</strong></h2> Book-keeping may be defined as the art of recording business transactions in a systematic manner so that the books of account will reveal at any time the financial position of the business to the owner and other stakeholders in the business <h2><strong>Importance of Book-keeping</strong></h2> Every business organization keeps daily records of their financial transactions. Therefore, the importance of bookkeeping becomes necessary for the following reasons: <ol> <li>It is for easy reference of business financial records.</li> <li>It shows an accurate standing position of business in relation to its customers i.e. what is owed and what is owed by the firm</li> <li>It reveals profits and losses position to the company through trading, profit and loss account.</li> <li>It provides information to members of the public who are interested in the business through the balance sheet.</li> <li>Auditors use the books to issue their audit reports.</li> <li>The records kept help in management decision-making.</li> <li>The records project the image of the business to the public.</li> <li>It is a means by which finances of a business can be controlled.</li> </ol>

Meaning, Types and Functions of Office

Complexity: Standard

<h1>THE OFFICE</h1> CONTENT <ol> <li>The Meaning and Types of Office</li> <li>Functions of an office</li> <li>The Different Office Departments in an Organization</li> </ol>   <h2><strong>Meaning of Office</strong></h2> An office is defined as a room set aside in an organization for all clerical activities. An office can also be defined as a place where the planning and organization in connection with the production and distribution of goods and services are done. Examples of offices are the principal’s office, Banks, Restaurant, Shops etc. In the Principal’s office, records of both students and staff are kept. <strong> </strong> <h2><strong>Types of Office</strong></h2> There are two types of office namely, a small office and a large office. <h3><strong>A Small Office </strong></h3> A small office is usually found in a small organization because the volume of clerical activities is small. A small office usually has one to ten clerical workers. Example of small office are a trader’s shop, the Principal office Patent Medicine shop etc. <h4><strong>Advantages of a Small Office </strong></h4> A small office has the following advantages: <ol> <li>The workers perform a wide variety of duties thereby reducing monotony of work and idle time.</li> <li>It assists workers to learn more of office skills.</li> <li>Workers are able to learn more about the activities within the whole business.</li> <li>The workers enjoy a close relationship with their employers, customers and suppliers.</li> </ol> <h4><strong>Disadvantages of a Small Office</strong></h4> The following are the disadvantages of a small office:

Source Documents

Complexity: Standard

<h1><strong>SOURCE DOCUMENTS</strong></h1> CONTENT <ol> <li>Meaning of Source Document</li> <li>Importance of Source Documents</li> <li>Types of Source Documents</li> </ol> <br> <h2><strong>Meaning of Source Document</strong></h2> Source documents may be defined as original documents on which monetary transactions are recorded, which provide necessary information for the preparation of books of original entry. It can also be defined as original documents on which information is recorded about business transactions. Transactions are the major feature of any business. The business transactions take place when goods and services are transferred from one person to another. There are two types of transaction namely cash and credit transaction. Cash transaction means that money is paid immediately the transaction occurs. Credit transaction means that payment for what is bought or sold is made at a later date. <h2><strong>Importance of Source Documents</strong></h2> The following are the importance of source documents:

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