Summary Grade 7 Economic and Management Sciences (EMS) Term 2 (Study & Master) - Summaries

Sample
Summaries after sample

, Capital Income

• Money the owner invests in the business. • Money earned from selling
• Treated as a liability owed to the owner. goods/services.
• Profits increase and drawings decrease • Increases owner’s equity.
owner’s equity. • Includes sales, rent, discounts, and asset
profits.




Assets Expenses
• Payments for goods or services to run the


Sample
• Valuable possessions owned by the
business.
business. Topic 6:
• Decrease owner’s equity.
• Fixed assets: long-term items (land, Accounting • Examples: wages, utilities, consumables,
vehicles, equipment).
• Current assets: short-term, easily concepts stationery.
converted to cash (stock, debtors, cash).



Summaries after sample •
Profit
Money left after income minus expenses.
• The goal of the business (profit motive).
Liability
• Money the business owes.
• Long-term liabilities: repaid over more
than a year.
• Current liabilities: repaid within a year.




GR7 T2 EMS Mind Map Study&Master Copyright © www.summariessa.co.za (DO NOT COPY)

, Sample
Summaries after sample