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Economic and Management Sciences Grade 7 Term 2 …

1 Tom Newby School. Grade 7 EMS 2016 Term 2 Topic 5 Economic and Management Sciences Grade 7 Term 2 FINANCIAL LITERACY Topic 5: Accounting Concepts There are certain basic accounting concepts that are used throughout the business world. It is important to have a basic understanding of these concepts whether you plan to be an entrepreneur, an accountant, work in the business world one day or whether you simply want to manage your personal finance, saving and investments effectively. ACCOUNTING CONCEPTS FINANCIAL LITERACY BUDGETS INCOME & EXPENSES capital assets liability income expenses profit losses budgets savings banking financial records transactions personal income personal expenses personal statement net worth business income business expense business savings and investments definition income expenditure personal budget business budget 2 Tom Newby Scho

1 . Tom Newby School. Grade 7 EMS 2016 – Term 2 Topic 5. Economic and Management Sciences Grade 7 Term 2 . FINANCIAL LITERACY Topic 5: Accounting Concepts

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