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service firm account

Junior Cert Business Studies

TermDefinition
Service firms supply and sell a service rather than a product=
Why do service firms need to keep accounts These accounts show if the business is making money.
They allow the firm to compare current figures with the previous years figures.
They must be given to the Revenue Commissioners. This is done to make sure that the company is paying the correct amount of corporation tax. (tax on companies profits)
They are needed when applying for a bank loan=
Items in analysed cash book not entered into the operating statement (income and expenditure), because they are balance sheet items Purchase of a fixed asset.
Balance in cash/bank at the start and end of the period of time.
Owner withdrawals of cash (drawings).
Loans=
Accounts kept by a service firm are: Analysed cash book.
Income and expenditure a/c or operating statement.
Balance sheet= Monitoring and Controlling Overhead Overheads refer to the expenses of a business. They can be monitored and controlled by:
To identify the main overheads of a business, whether it be electricity, insurance, telephone etc.
To check that actual overheads are less than or equal to budgeted or targeted overheads=
Monitoring and Controlling Overhead 3. To make necessary changes as soon as possible.
4. Check all invoices, statements against own records before payment is made= Overheads where actual figures are greater than budgeted figures Loan Interest: reason is extra money was borrowed or interest rates increased.
Telephone: reason is selling to overseas customers, using the internet or telephone charges increased= Overheads where actual figures are less than budgeted figures Wages: reason less overtime, permanent workers replaced by students.
Bad Debts: better credit control, less sales on credit.
Light and heat: improved weather, less wastage, increased efficiency=
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