Ms Kennys First Years (Business Studies)

Good Luck in the Summer Exams!!!

  Sample Question for summer exam

Sample Question
Record the following transaction in the day books, post to the relevant ledger accounts and extract a trial balance on the 30th September 2012.
Ø  September 1st Bought goods on credit, invoice no 1, from Byrne Ltd €1000 + 20% VAT
Ø  September 7th Sold goods on credit, invoice no 6, from Jennings Ltd €2000 + 20% VAT
Ø  September 15th Purchased goods on credit, invoice no 8, from Joyce Ltd €6550 + 20% VAT
Ø  September 20th Returned goods, credit note no 14, from Byrne Ltd €500 + 20% VAT
Ø  September 22nd Sold goods on credit, invoice no 10, to Kelly Ltd €5000 + 20% VAT
Ø  September 29th Kelly returned goods, credit note no 15, €1500 + 20% VAT


First Year Summer Exam

Click on the link below and find revision notes for the Summer Exam.  You can print these out on your computer at home or just study directly from these notes.  Ask in class if you have difficulty assessing this link.  If you are familiar with these notes then you should do well- GOOD LUCK!!!

-Revision Notes 


First Year Summer Exam.

The exam will last an hour and a half.  It will consist of three sections.  

Section 1 will have 20 short questions and can be on anything that we covered this year.  

Section 2 will be a double entry book keeping question involving Purchases, Purchases Returns, Sales and Sales Returns.  

Section 3 is a Household budget question.

Revision tips will follow!


Summer Exams. 

First year summer exams are fast approaching.  It is important to ensure that you revise for these exams if you hope to do well.  A general layout of the exam will follow soon!!


First Year houses- Made when studying Insurance.

Bank Reconciliation Statements
Video might help! 

First Year test on INSURANCE
Class test this week on 'Insurance'.  Some of these may be helpful with your revision.
Online lesson 

The syllabus is as always is very important; 
this is what we should know about insurance:

  • Need for adequate insurance
  • Insurable and non-insurable risks
  • Basis of insurance
  • Personal
  • Life
  • Car
  • All risks 
  • Proposal form
  • Premium
  • Claim
  • Compensation
  • Average clause
This is what we should be able to do:
Identify insurance requirements
Estimate cost
Identify risk effects on premium
Estimate compensation (including the average clause)
Calculate a premium
Explain terms used
Complete a proposal or claim form

These may be handy!
Intro to Budgets 
Then try some budgets....
Interactive Budgets

Revising Income and Expenditure
Here are some sites that might help you.
Click on the links and they will lead you to quizzes or information on the topics.
edcoexamcentre -Click on the household income or household expenditure quizzes.
youtube -Click on this to find other Irish pupils quoting different terms. online lesson -Click on this to learn ore on the topic. - test yourself  -Click on this to do a quiz.
I hope these will be fun and aid you in your revision!!

Attention Rang Iognáid  
When revising Income and Expenditure keep this information from the Junior Certificate syllabus in mind. 

Sources, regular and additional
Statutory deductions and consequent benefits; other deductions
Gross and net pay
Benefit in kind
Cash account

Upon completion students should, from given data, be able to:
Identify sources of income
Estimate or calculate income
Interpret a wages slip
File and record income

Fixed, irregular, discretionary
Weekly, monthly, annual
Opportunity cost
Impulse buying
Scarcity and choice
Analysed cash accounts

Upon completion students should, from given data, be able to:
List major items of household expenditure              
Classify expenditure under appropriate headings
Prepare simple expenditure estimates
Prepare analysed household accounts
Check bills/invoices/delivery notes
File and record expenditure