Posts Tagged 'accounting'



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┬áthird 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.
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Incomplete Records – Mark-up/Margin Method

The following video shows the solution to the Incomplete Records question from the 2009 HL paper. This question uses the Mark-up/Margin method or sometimes known as the Balance Sheet method.

Thanks to mystudymate.ie

Incomplete Records – Q.7 2007 HL

The following is an example of a HL question on Incomplete Records using the Cash/Control Account method.

Thanks to mystudymate.ie

JC & LC Christmas Exam Timetables

The LC Accounting Exam will take place on Monday November 19th in the Library. Download the full JC and LC Christmas Exam timetables below.

JC Christmas Exams 2012

LC Christmas Exams 2012

Q.7 2004 LC HL – Suspense Accounts

Here is the solution to last night’s Question on Suspense Accounts.

LC 2006 OL – Departmental Accounts

Accounting Quiz I

Here’s a short online test on everything we have covered since January.
Could you complete this before our next class on Tuesday?

Click here to take the test.


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