JUNIOR CERTIFICATE BUSINESS STUDIES NOTES

JCHelp

Anyone need notes on a certain topic ... Post a reply and i will help a.s.a.p ... Feel free to add your own notes also

ektec

Great idea.. How about rights of an employer and employee?

TheRandomStuff

Any tips on the control accounts in the section A?? Im really bad at them .. :eek:

JCHelp

ektec wrote: »

Great idea.. How about rights of an employer and employee?

Work: An activity which requires effort
Employment: Work done in return for payment
Labour Force: Total number of people available to work both employed and unemployed

RIGHTS OF AN EMPLOYEE

• Fair payment
• Equal treatment
• Minimum number of paid holidays (18 a year)
• To join a union
• Healthy, safe enviornment

RESPONSIBILITIES OF AN EMPLOYEE

• Fair days work
• Abide by rules and regulations
• Not to give away confidential information
• Co operation with other workers
• To look after employers property

Self Employment: If a person works for themselves

REWARDS OF SELF EMPLOYMENT

• You can make your own decisions
• All profits are yours to keep
• Working times suit yourself

RISKS OF SELF EMPLOYMENT

• All loses are your responsibility
• Long hours
• You must provide capital
• Unlimited Liability

RIGHTS OF AN EMPLOYER

• Hire suitable staff
• Not to discriminate
• Expect loyalty
• To sack staff for legitamite reason

RESPONSIBILITIES OF AN EMPLOYER

• To pay a fair wage
• Give terms and conditions
• Allow holidays
• Keep records
• To maintain a safe and healthy enviornment

JCHelp

TheRandomStuff wrote: »

Any tips on the control accounts in the section A?? Im really bad at them .. :eek:

• Debit opening balances
• Debit credit sales
• Credit Sales Returns
• Credit payments

Then balance the accounts

ektec

Thanks a lot! how about insurance? always a hasstle in an exam!

IrishLoriii

EVERYTHING :O
I realy beg you!
Accounts :O:O

JCHelp

ektec wrote: »

Thanks a lot! how about insurance? always a hasstle in an exam!

Insurance: Way of protecting yourself against financial loss
Premium: The amount it cost to buy insurance
Compensation: Money received if you suffer a loss

PRINCIPLES

Insurable Interest: You must be at risk of suffering a financial loss. e.g. Your neighbour cannot cover your house insurance
Utmost Good Faith: All information must be true and complete
Indemnity: You must not make a profit from insurance
Subrogation: If a company pays you for a lost good for exapmle and the good is found the company now owns the good
Contribution: If you are insured with two companies you cannot claim the full amount of both companies. They will share the cost.



Actuary: the pesron who calulates the premium
Loss Adjuster: Calculates the value of the loss for the insurance company
Loss Assesor: Calculates the value of the loss for you



Life Assurance: Protection against an event which is guarenteed to happen
Surrender Value: Money value is cashes before maturity

JCHelp

IrishLoriii wrote: »

EVERYTHING :O
I realy beg you!
Accounts :O:O

What you are asking is too broad

orriray59

Oh lord almighty, the accounts. I'm not even going to attempt them, I'm so horrifically bad at them.

JCHelp

orriray59 wrote: »

Oh lord almighty, the accounts. I'm not even going to attempt them, I'm so horrifically bad at them.

If you study hard for the theory part you wont need to do them

puttuporshutup

Club accounts?
For some reason I never get them balanced but I can do the trading profit and loss

razzyy

For club accounts, does anyone know what accounts they think will come up? Also if anyone has tips for trading profit and loss and appropriation a/c and balance sheet? Cheers

Pen Rua

My teacher is fairly confident that a Balance Sheet with come up in Club Accounts. It's the same as a Business', just Financed By is different. You use Accumulated Fund total (from the Accumulated Fund...) and Excess Over Income (from the Income and Expenditure Account), if I remember right (haven't studied it for some time...).

Notes!

Accumulated Fund.
This is easy. Just total up the Assets and take away the Liabilities. Only use figures from the start of the year! These are above "The Box". It's usually things like "Boats" or "Clubhouse" etc.

Receipts ad Payments Account.
This one is quite easy. You must use a T Account (the same as a ledger). On the Dr. side, you put in all Receipts (Income), along with opening Cash (which is given at the start of the question). You then put all the Payments on the Cr. side and balance as normal. This is quite easy as the figures are usually already split in to Receipts and Payments in "The Box".

Trading Account.
This is usually for a bar of some kind, or a shop. It only requires a few figures. If you can do a Business' Trading, Profit, Loss and Appropriation Account, you can do this. First, you put in Sales ("Bar/Shop Sales"). Next you add Opening Stock and Purchases and take away Closing Stock. You then take that figure away from Sales. You will be left with a profit (positive) or loss (negative). If you do a Trading Account, you do not use these figures in the Income and Expenditure Account! You just use the Profit (Income) or Loss (Expenditure).

Income and Expenditure Account.
This is quite similar to a Profit and Loss account. You use the figures from The Box and additional information. There are a few do's and don't's (?) for this account;
DO.
Include depreciation.
Include prepaid and due.

DON'T.
Include the purchase or sale of a fixed asset.
Include opening/closing cash/bank balances.

You total up the Income and take away the Expenditure. If you get a positive answer, you call it "Excess Income over Expenditure" but if you get a negative you call it "Excess Expenditure over Income".

Balance Sheet.
This is identical to the Balance Sheet for a Business. Financed By is different. You use Excess Income over Expenditure and Accumulated Fund (instead of OSC etc). I will do notes out and explanation on Balance Sheet, if you wish.

Hopefully those notes make sense! Let me know.

Cookiemonkey

Any notes on ledger accounts in the short questions?

Pen Rua

Cookiemonkey wrote: »

Any notes on ledger accounts in the short questions?

Can you try provide an example? Try find one and post it here (like a link to the paper on examinations.ie). It might be easier to explain.

Cookiemonkey

Pen Rua wrote: »

Cookiemonkey wrote: »

Any notes on ledger accounts in the short questions?

Can you try provide an example? Try find one and post it here (like a link to the paper on examinations.ie). It might be easier to explain.

Like what i mean Is there like any certain rules for them like what you credit and what you debit and the names of the accounts etc

Pen Rua

Cookiemonkey wrote: »

Like what i mean Is there like any certain rules for them like what you credit and what you debit and the names of the accounts etc

http://examinations.ie/archive/exampapers/2011/JC042ALP114EV.pdf Take Q7 for example.

On 7 June 2011, T. Smyth bought goods on credit from J. Foley for €8,120. There was no VAT on these goods. Complete the following ledger accounts of T. Smyth showing the names of the accounts and the relevant details.

The accounts belong to T Smyth, so his/her name will not appear anywhere, so we can cross him/her out.

On 7 June 2011, T. Smyth bought goods on credit from J. Foley for €8,120.

Now, we need to figure out which two accounts do go in. Now T Smyth is crossed out, we see purchases and J Foley are left.

On 7 June 2011, T. Smyth bought goods on credit from J. Foley for €8,120.

So therefore, Purchases and J Foley are out accounts. Now, we use Debit the Receiver, Credit the Giver. We must decide which account is giving the goods, and which account is receiving the goods.

J Foley is giving the goods to T Smyth, so therefore, J Foley's account with be the Credit one as he is giving. Now it is obvious that Purchases is Debit (the goods are entering the business; the account is receiving the goods).

So, the answers are;
(i) Purchases
(ii) J. Foley
(iii) J. Foley
(iv) Purchases

Hopefully that makes sense. I tried to explain it as clearly as possible. You can apply that example to pretty much all those questions. If, for example, T Smyth sold goods to J Foley, the accounts would swap (J Foley Dr; Sales Cr).

Any questions; let me know!

puttuporshutup

Cookiemonkey wrote: »

Any notes on ledger accounts in the short questions?

Debit what you received/ receiver
Credit what you give

If you pay by credit write down the other business' name a/c

If you pay by cash/cheque write bank a/c

If you buy/sell equipment write sales/purchases a/c

If you buy/sell a fixed asset write the named fixed asset a/c

I think I'm right, feel free to correct me.

puttuporshutup

Also, debit PALE in ledger.

P- purchases
A- assets
L- losses
E- expenses

Cookiemonkey

Pen Rua wrote: »

Cookiemonkey wrote: »

Like what i mean Is there like any certain rules for them like what you credit and what you debit and the names of the accounts etc

http://examinations.ie/archive/exampapers/2011/JC042ALP114EV.pdf Take Q7 for example.

On 7 June 2011, T. Smyth bought goods on credit from J. Foley for €8,120. There was no VAT on these goods. Complete the following ledger accounts of T. Smyth showing the names of the accounts and the relevant details.

The accounts belong to T Smyth, so his/her name will not appear anywhere, so we can cross him/her out.

On 7 June 2011, T. Smyth bought goods on credit from J. Foley for €8,120.

Now, we need to figure out which two accounts do go in. Now T Smyth is crossed out, we see purchases and J Foley are left.

On 7 June 2011, T. Smyth bought goods on credit from J. Foley for €8,120.

So therefore, Purchases and J Foley are out accounts. Now, we use Debit the Receiver, Credit the Giver. We must decide which account is giving the goods, and which account is receiving the goods.

J Foley is giving the goods to T Smyth, so therefore, J Foley's account with be the Credit one as he is giving. Now it is obvious that Purchases is Debit (the goods are entering the business; the account is receiving the goods).

So, the answers are;
(i) Purchases
(ii) J. Foley
(iii) J. Foley
(iv) Purchases

Hopefully that makes sense. I tried to explain it as clearly as possible. You can apply that example to pretty much all those questions. If, for example, T Smyth sold goods to J Foley, the accounts would swap (J Foley Dr; Sales Cr).

Any questions; let me know!

Thanks a million I think I understand it:) u are AmAZING at business :O

Cookiemonkey

puttuporshutup wrote: »

Cookiemonkey wrote: »

Any notes on ledger accounts in the short questions?

Debit what you received/ receiver
Credit what you give

If you pay by credit write down the other business' name a/c

If you pay by cash/cheque write bank a/c

If you buy/sell equipment write sales/purchases a/c

If you buy/sell a fixed asset write the named fixed asset a/c

I think I'm right, feel free to correct me.

Thanks a million:D u also are AMAZING at business too :O I

aineeck

Pen Rua wrote: »

My teacher is fairly confident that a Balance Sheet with come up in Club Accounts. It's the same as a Business', just Financed By is different. You use Accumulated Fund total (from the Accumulated Fund...) and Excess Over Income (from the Income and Expenditure Account), if I remember right (haven't studied it for some time...).

Notes!

Accumulated Fund.
This is easy. Just total up the Assets and take away the Liabilities. Only use figures from the start of the year! These are above "The Box". It's usually things like "Boats" or "Clubhouse" etc.

Receipts ad Payments Account.
This one is quite easy. You must use a T Account (the same as a ledger). On the Dr. side, you put in all Receipts (Income), along with opening Cash (which is given at the start of the question). You then put all the Payments on the Cr. side and balance as normal. This is quite easy as the figures are usually already split in to Receipts and Payments in "The Box".

Trading Account.
This is usually for a bar of some kind, or a shop. It only requires a few figures. If you can do a Business' Trading, Profit, Loss and Appropriation Account, you can do this. First, you put in Sales ("Bar/Shop Sales"). Next you add Opening Stock and Purchases and take away Closing Stock. You then take that figure away from Sales. You will be left with a profit (positive) or loss (negative). If you do a Trading Account, you do not use these figures in the Income and Expenditure Account! You just use the Profit (Income) or Loss (Expenditure).

Income and Expenditure Account.
This is quite similar to a Profit and Loss account. You use the figures from The Box and additional information. There are a few do's and don't's (?) for this account;
DO.
Include depreciation.
Include prepaid and due.

DON'T.
Include the purchase or sale of a fixed asset.
Include opening/closing cash/bank balances.

You total up the Income and take away the Expenditure. If you get a positive answer, you call it "Excess Income over Expenditure" but if you get a negative you call it "Excess Expenditure over Income".

Balance Sheet.
This is identical to the Balance Sheet for a Business. Financed By is different. You use Excess Income over Expenditure and Accumulated Fund (instead of OSC etc). I will do notes out and explanation on Balance Sheet, if you wish.

Hopefully those notes make sense! Let me know.

could you post really in detail notes for the accumulated fund, income and expenditure, and balance sheet please ?:) my teacher only went over them very quick towards the end of the year and i missed most of the classes due my art project. would be a great help

Pen Rua

Cookiemonkey wrote: »

Thanks a million I think I understand it:) u are AmAZING at business :O

No problem! Thank you. It's my favorite subject. I am aided by a great teacher, too.

aineeck wrote: »

could you post really in detail notes for the accumulated fund, income and expenditure, and balance sheet please ?:) my teacher only went over them very quick towards the end of the year and i missed most of the classes due my art project. would be a great help

What do you mean more detailed? As in layouts etc?

TheRandomStuff

JCHelp wrote: »

TheRandomStuff wrote: »

Any tips on the control accounts in the section A?? Im really bad at them .. :eek:

• Debit opening balances
• Debit credit sales
• Credit Sales Returns
• Credit payments

Then balance the accounts

Thanks a million that has really cleared it up

Cookiemonkey

Pen Rua wrote: »

Cookiemonkey wrote: »

Thanks a million I think I understand it:) u are AmAZING at business :O

No problem! Thank you. It's my favorite subject. I am aided by a great teacher, too.

Awh lucky:) mine unfortunately was not that good:/ but anyway , u dont have any tips on like how ways to just make sure you know it cuz like I have been going over it for ages but just like any night before stuff tips? Thanks

Pen Rua

Cookiemonkey wrote: »

Pen Rua wrote: »

No problem! Thank you. It's my favorite subject. I am aided by a great teacher, too.

Awh lucky:) mine unfortunately was not that good:/ but anyway , u dont have any tips on like how ways to just make sure you know it cuz like I have been going over it for ages but just like any night before stuff tips? Thanks

I don't quite get your question, to be honest...

aineeck

Pen Rua wrote: »

No problem! Thank you. It's my favorite subject. I am aided by a great teacher, too.



What do you mean more detailed? As in layouts etc?

yep just everything thats needed too know about them if its not too much trouble

Pen Rua

aineeck wrote: »

yep just everything thats needed too know about them if its not too much trouble

I can try draw up some layouts and try scan them, but no promises!

xTwizLaH

can someone put up notes for the consumer i have a feeling it will come up

aineeck

Pen Rua wrote: »

I can try draw up some layouts and try scan them, but no promises!

thanks your a great help !