Economic and Management Sciences (EMS)

Brief Policy

Economic and Management Sciences aims to:

• Develop entrepreneurial opportunities
• Explore education and career opportunities
• Identify and solve problems and make decisions using critical and creative thinking.
• Work effectively with others as members of a team, group organisation and community
• Collect, analyse, organise and critically evaluate information
• Participate as responsible citizens in the life of local, national and global communities the student’s knowledge, skills, values, attitudes and ability to make meaningful and informed personal and collaborative financial decisions in economic and social environments.
• Develop critical, logical, and analytical abilities and thought processes to enable them to apply these skills to current and new situations.
• Develop the necessary characteristics including ethics, sound judgment, thoroughness and orderliness

Curriculum

• The historical development of money
• Imports, Exports and the foreign sector
• Banking in South Africa
• Economic systems
• Inflation
• Composition of a market
• Factors of production
• The South African Economy and Trade Unions
• Principles of supply and demand
• The Reconstruction and Development Programme
• The National Budget
• Technology and Productivity
• Entrepreneurship
• Incentives schemes and financing for small businesses
• Idea generation
• The SWOT analysis
• The Business Plan
• Marketing and advertising
• Purchasing, Production and Financing
• Engaging in business activities
• Small, medium and micro enterprises

Curriculum

• Net worth and Business Terminology
• Establishing a business
• Recording basic cash transactions of a service undertaking
• Recording basic cash transactions of a trading undertaking
• Credit sales and receipts from customers
• Credit purchases and payments to suppliers
• Financial Statements and interpretation of financial information
• Savings, Investments and Borrowed money
• Human resources

Curriculum

• The historical development of money
• Imports, Exports and the foreign sector
• Banking in South Africa
• Economic systems
• Inflation
• Composition of a market
• Factors of production
• The South African Economy and Trade Unions
• Principles of supply and demand
• The Reconstruction and Development Programme
• The National Budget
• Technology and Productivity
• Entrepreneurship
• Incentives schemes and financing for small businesses
• Idea generation
• The SWOT analysis
• The Business Plan
• Marketing and advertising
• Purchasing, Production and Financing
• Engaging in business activities
• Small, medium and micro enterprises

Curriculum

• Define and explain accounting concepts for partnerships and non-profit organizations
• Within the context of the accounting cycle, record the unique information of a partnership and a club
• Anayse and show the effects of transactions on the accounting equation o partnerships and clubs
• Prepare a bank reconciliation statement
• Prepare and interpret final accounts and financial statements of a partnership and a club
• Prepare elementary VAT calculations
• Apply costing principles and cost behaviour in a manufacturing environment
• Prepare and present, a cash budget for a sole trader
• Calculate and record depreciation, the acquisition and disposal of assets
• Record transactions in the subsidiary journals and ledgers utilizing the periodic inventory system, and compare it with the perpetual inventory system
• Identify and analyse ethical behaviour applicable to the financial environment with reference to accountability and transparency
• Demonstrate knowledge of internal audit process

Curriculum

• Define and explain accounting concepts for manufacturing enterprises, close corporations and companies
• Within the context of the accounting cycle, record the unique information for a company and close corporation
• Analyse and interpret the influence of transactions on the accounting equation of close corporations and companies
• Analyse and interpret bank, debtors and creditors reconciliations
• Prepare final accounts and financial statements, analyse and interpret the financial statements of a close corporation and a company
• Analyse published financial statements and audit reports of companies
• Apply the principles of VAT in different situations
• Prepare, present, analyse and report on cost information for a manufacturing enterprise by compiling a production cost statement
• Analyse and interpret projected income statements and a cash budget for sole traders
• Interpret and report on asset disposal
• Validate and calculate inventories with specific references to the different inventory valuation methods
• Discuss disciplinary and punitive measures to be applied for non-compliance to the code of ethics and the role of professional bodies
• Apply internal control and internal audit process in a business environment