Accountancy Business and Management -ABM

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10 FACTS about ABM STRANDS

ABM students can choose from a variety of courses in college, including:

Bachelor of Science in Accountancy
Bachelor of Science in Business Administration
Bachelor of Science in Management Accounting
Bachelor of Science in Financial Management
Bachelor of Science in Marketing Management
Bachelor of Science in Human Resource Management
Bachelor of Science in Entrepreneurship
Bachelor of Science in Economics
Bachelor of Science in International Business
Bachelor of Science in Tourism Management
Bachelor of Science in Hospitality Management
Bachelor of Science in Operations Management
Bachelor of Science in Supply Chain Management
Bachelor of Science in Information Technology
Bachelor of Science in Business Analytics.
These courses can prepare ABM students for various career paths, including accounting, finance, marketing, human resources, entrepreneurship, and management.

Here are some tips on how to organize your day and adopt an entrepreneurial mindset:

Create a daily schedule: Plan out your day and prioritize tasks based on their importance. Set deadlines for each task and stick to them as closely as possible.
Set goals: Identify your short-term and long-term goals, and break them down into smaller, more manageable tasks. This will help you stay focused and motivated.
Embrace time management tools: Use tools like calendars, to-do lists, and project management software to help you stay organized and on track.
Eliminate distractions: Limit your access to social media, turn off notifications, and avoid multitasking. Focus on one task at a time to increase productivity.
Develop a positive attitude: Cultivate a positive attitude and approach each day with an open mind. Learn from mistakes and celebrate small wins along the way.
Take initiative: Don't wait for opportunities to come to you. Take initiative and actively seek out new challenges and opportunities.
Build a strong network: Surround yourself with like-minded individuals and build a strong network of contacts. Attend events, join groups, and connect with people who share your entrepreneurial spirit.
Continuously learn: Invest in your personal and professional development by taking courses, attending workshops, and seeking out new learning opportunities.
Take calculated risks: Entrepreneurs take risks, but they do so after careful consideration and research. Before making any major decisions, gather as much information as possible to make an informed decision.
Stay resilient: Entrepreneurship is a journey with ups and downs. Stay resilient and don't give up when faced with challenges. Use setbacks as an opportunity to learn and grow.

"Starting our day with a balanced equation: Debits = Credits"

Here are some effective ways for aspiring business and accounting students to learn accounting:

Attend lectures: Attending lectures is a great way to learn accounting, especially if you're new to the subject. Pay attention to the instructor's explanations, take notes, and participate in class discussions.
Read textbooks: Accounting textbooks provide in-depth explanations of accounting concepts and principles. Make sure to read the assigned chapters, complete the practice problems, and review the end-of-chapter summaries.
Watch online tutorials and videos: There are many online tutorials and videos available that cover accounting topics in a concise and easy-to-understand manner. Consider checking out YouTube channels and online learning platforms like Coursera and Udemy.
Work through practice problems: Practice makes perfect when it comes to accounting. Work through practice problems to apply the concepts you've learned and reinforce your understanding of the material.
Seek out a tutor: If you're struggling with accounting, consider seeking out a tutor. Many colleges and universities offer tutoring services, and there are also online tutoring services available.
Participate in case studies and simulations: Case studies and simulations allow you to apply accounting concepts to real-world situations, which can help you develop critical thinking and problem-solving skills.

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20 types of Assets (with explanation/examples) ⬇️

1️⃣ Cash and cash equivalents ➡️ bank accounts, savings accounts, and money market accounts

2️⃣ Accounts receivable ➡️ money owed to the company by its customers

3️⃣ Inventory ➡️ raw materials, work-in-progress, and finished goods

4️⃣ Property, plant, and equipment ➡️ land, buildings, machinery, and vehicles

5️⃣ Long-term Investments ➡️ stocks, bonds, and other securities

6️⃣ Intangible Assets ➡️ Patents, trademarks, and other intellectual property

7️⃣ Loans receivable ➡️ money lent by the company to others

8️⃣ Prepaid expenses ➡️ insurance premiums and rent payments

9️⃣ Deferred tax assets ➡️future tax benefits

🔟 Deferred rent ➡️ rent that has been paid in advance but not yet earned by the landlord.

1️⃣1️⃣ Franchise rights and other contractual rights

1️⃣2️⃣ Natural resources ➡️ oil and gas reserves

1️⃣3️⃣ Capitalized R&D costs ➡️ costs in building our your software

1️⃣4️⃣ Cryptocurrencies and other digital assets.

1️⃣5️⃣ Capital Leases ➡️ Assets leased by the company to others

1️⃣6️⃣ Leasehold improvements ➡️ renovations or alterations made to a leased property to improve its functionality or aesthetics.

1️⃣7️⃣investments in subsidiaries/affiliates ➡️ May or may not be 100% eliminated upon consolidation

1️⃣8️⃣Software licenses ➡️ grant permission to use or distribute software products.

1️⃣9️⃣ Contract Asset ➡️ when the company has performed under a contract but has not yet received payment from the customer.

2️⃣0️⃣ Goodwill ➡️ the value of a company's reputation and customer relationships.