Archive for the 'Accounting' Category



What is Management Accounting?

Now that we have started Section 3 of the Accounting course, have a look at the following video that explains what management or managerial accounting is and the difference between financial accounting and management accounting.

Published Accounts

Here is a solution to the 2009 Published Accounts (HL) question. Thanks to mystudymate.ie


Now take an online revision quiz to test your knowledge of Published Accounts.

Annual Report of a Company

All limited companies are required by law to produce company accounts and a report annually.

This Annual Report consists of:

1.The Directors’ Report

2. The Auditor’s Report

3. The Financial Statements (Profit and Loss Account and Balance Sheet).

CRH PLC has consistently won awards for its Annual Report.

Have a look at the 2013 Annual Report for CRH PLC.

Why do you think this report has won awards? Answer in the comments to this post.

What is a Patent?

A patent is a right granted to anyone, for a limited period, the right to exclude others from exploiting (making, using, selling, importing) the patented invention, except with the consent of the owner of the patent.

A patent is an example of intellectual property (otherwise known as IP) and is an example of an intangible asset in accounting.

This video explains patents, trademarks and copyright:

A patent lasts for a limited period of time, normally twenty years. Ireland also offers a “short-term” patent, valid for a maximum of ten years. To maintain a patent in force, annual renewal fees must be paid each year from the third year. Patents are territorial, in effect e.g. an Irish patent is only valid in Ireland.

You may have also heard of the term “patent pending” from shows such as Dragon’s Den. This is a term often used on products to alert competitors that an application has been made to protect the invention.

You can look up existing patents in Ireland by going to the Irish Patents Office website.

Do you know what was the first patent registered in Ireland? Find the answer below.

Here are some famous patents granted in the past:

  • In 1931 Alfred Butts translated his lifelong love of crossword puzzles into a board game called “Criss Cross Words” – later to become known as Scrabble.
  • In 1933, Charles B. Darrow played a game on oil cloth on his kitchen table. He played “Monopoly” at home with his family and friends and soon fell in love with the game’s exciting promise of fame and fortune. Today, an estimated 500 million players from around the world have been mesmerized by the MONOPOLY® game.
  • In 1843, after ten years of tireless work and abject poverty, Charles Goodyear perfects his process for “vulcanizing” rubber, or combining it with sulfur to create a soft, pliable substance unaffected by weather.
  • The VICTORINOX “Swiss Army Knife” is over 100 years old. The useful pocket MultiTool was legally registered on June 12, 1897. Over 34,000 of these pocket tools with the distinctive Swiss cross leave the factory in central Switzerland each day.
  • In 1884 George Eastman, American inventor, patented the first film in roll form to prove practicable. In 1888 he perfected the Kodak camera, the first camera designed specifically for roll film, and in 1892 he established the Eastman Kodak Company, at Rochester, New York, one of the first firms to mass-produce standardized photography equipment.
  • The man credited with designing the American flag is Bob Heft. His updated 50-star flag was a class project later adopted by presidential proclamation after Alaska and before Hawaii was admitted to the union in 1959.
  • The Barbie doll, so named after Barbara, daughter of Ruth and Elliot Handler, debuted at the American Toy Fair in New York City in 1959. Since then, Barbie’s popularity has rarely declined, and today, with over one billion dolls sold, the Barbie product line remains the most successful in the history of the toy industry.
  • The first ever patent registered in Ireland was a starter cage for racing dogs and the like in 1929.
  • The first ice cream cone was produced in 1896 by Italo Marchiony. Marchiony, who emigrated from Italy in the late 1800s, invented his ice cream cone in New York City. He was granted a patent in December 1903 U.S. Patent No. 746971.
  • The inventor of Coca-Cola was Dr. John S. Pemberton, in 1885. The formula changed hands three more times before Asa D. Chandler hit upon the idea of carbonating the original drink. The bubbles made all the difference, and he struck gold. The Coca-Cola Company was founded in 1892 and has never looked back.
  • The Rubik’s Cube was invented by Erno Rubik in 1974 when the first working prototype came into being and a patent application was initially drafted. Rubik’s invention was born out of his passionate interest in geometry, the study of 3D forms, and in exploring the hidden possibilities of combination of forms and materials.
  • In 1866, Alfred Nobel, Swedish chemist, inventor, and philanthropist, invented what he called ‘dynamite’ by using an organic packing material to reduce the volatility of nitroglycerin.

JC & LC Christmas Exam Timetables

Timetables for the 3rd & 6th Year Christmas Exams are now available.

JC Christmas Exam Timetable 2014

LC Christmas Exam Timetable 2014

Summer Exam Timetables

Timetables for 2nd & 5th Year Summer Examinations:

2nd Year Summer Exams

5th Year Summer Exams

Best of luck in your exams!!!

SGC School Bank

St. Gerald’s College school bank was set up this year in conjunction with the Bank of Ireland. The student bankers were carefully selected by Ms Flynn, Business teacher. They were chosen based on their application form, performance at interview along with their personal interest in the area of business and banking.

The student bankers are as follows: Conor Gillardy (Branch Manager), Finnian Martin (Operations & Audit Specialist), David Conlon (Sales & Marketing Manager), Patrick Livingstone & Donal Boyle (Customer Service Officials). They received their initial training from the BOI officials, Ms Sinead Cuffe & Mr Keith Higgins earlier in the year.

The student bankers open the bank every Thursday morning at small break in the canteen and to date they have in excess of forty student accounts opened.  There will be a draw for an iPad as soon as they have fifty accounts opened.  The student bankers are responsible for all aspects of running a bank as well as teaching their peers the importance of budgeting and saving. The student bankers are currently out on TY work experience but the bank will be open again on Thursday March 13th.


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Email: sgcbusiness [at] stgeraldscollege [dot] com

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