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JC Club Accounts
A Study Stack to help you revise Junior Certificate Higher Level Club Accounts
| Question | Answer |
|---|---|
| What is a Club Treasurer? | The Club Officer who presents members with a report on the accounts, keeps all of the accounts and co-signs cheques for the Club. |
| What are the differences between an Income and Expenditure Account and a Receipts and Payments Account? | An Income and Expenditure Account is used to calculate the Excess of Income over Expenditure for the year, whereas a Receipts and Payments Account is used to see how much money the Club has. |
| What is Accumulated Fund? | Accumulated Fund is the Capital of a Club. |
| How do you calculate the Accumulated Fund of a Club? | Accumulated Fund = Assets at the Start of the Year - Liabilities at the Start of the Year. |
| What is the imprest system? | A system under which the cashier puts money into a float at the start of each month to be used to pay any petty cash expenses as they occur. |
| How do you use the imprest system in a Club? | A member may take money from the petty cash to pay expenses by filling out a voucher detailing the purpose date and amount of money taken. The cashier then restores the imprest by putting back an amount equal to that spent during the month. |
| What items are included in a Treasurer's Report? | Summary of receipts & payments.The club’s Balance Sheet,• Any item of major capital expenditure.Income and Expenditure account• Financial plans & projections for the future/fundraising/investing/borrowing. Membership and subscriptions. |
| Reasons for preparing a Treasurer's Report. | To see how much money came into and out of the club during the year. To see if any fund raising will be necessary. To give details of the clubs assets and liabilities. o state the main items of capital expenditure. |
| What does a Club Treasurer do? | The official who prepares the accounts for a club. - The treasurer collects subscriptions (membership fees) from the club members. - Keeps a record of all financial transactions. - Prepares a ‘Treasurer’s Report’ for the A.G.M. - Co-signs cheques. |
| What does a Club Chairman do? | In charge of running the club. - Chairs meetings - Represents the club to outsiders - Co-signs cheques |
| What is Depreciation? | Decline in the value of a fixed asset due to wear and tear. |
| What are the main causes of Depreciation? | • Usage. • Wear and Tear • Obsolete • Depletion. • Passage of time/age |
| What is Accumulated Fund used for? | • It may be used to finance planned expansion • May be used for the purchase of capital items such as fixed assets • To make up any excess expenditure. |
| What does AGM stand for? | Annual General Meeting |
| What is the formula for Gross Profit Margin? | Gross Profit X 100 = X% Cost of Sales 1 |
| What are the Minutes of a Meeting? | A record of what was discussed at the meeting. |
| What is the Agenda for a Meeting? | A list of the items which will be discussed at a meeting. |
Created by:
egibbonsnotes
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