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LC Accounting
LC Accounting
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Money Management Terms

  • Budget – A plan for spending money.
  • Income – Money received.
  • Expenditure – Money paid out.
  • Gross Income – Total amount earned before deductions.
  • PAYE – Pay As You Earn. Income Tax. Paid to State.
  • PRSI – Pay Related Social Insurance. Pays for benefits if and when needed.
  • Net Income – Total amount earned after deductions. Take home pay.
  • Statutory Deductions – PAYE and PRSI
  • Voluntary Deductions – Optional, e.g. health insurance.
  • Household Expenses – Accommodation (rent/mortgage). Food. Clothing. Medical expenses. Travel. Electricity. Heating (gas/oil/etc.). Entertainment. Savings.
  • Tax Credit – System used to calculate the amount of tax a... (More)

The Time Value of Money

We’ve all heard the phrase “Time is money.” But what do these two things actually have to do with one another? This video explains the math behind interest rates, revealing the equation that will allow you to calculate the future value of your money (if you wisely put it in the bank, that is).

Personally speaking, it depends on your ability to grasp the knowledge. It also depends on if you learn things off well or not. Business requires you to know a lot of information at the top of your head while accounting requires you to put a lot more problem-solving skill in action.

Accounting has the highest honours rate of the three business subjects with 78 per cent of students managing a C3 or higher in the subject over the past three years. A large proportion of these students were awarded As. Last year, 21 per cent of higher-level students achieved an... (More)