Introduction What’s the deal? Clubs are very common establishments in our society. Firstly, before I further explain all the required information, we have to understand that a club operates differently as compared to a normal business/enterprise. The most imperative difference between a business and this sports club is that a business is established with the aim of generating profit which the owner is entitled to because the owner is the person who provides the start-up capital. The low down A sports club on the other hand, it is established to provide facilities to the members and no profit is made. If, through fund raising efforts the club makes, the income generated exceeds the expenses incurred, then that money is called a …show more content…
when the member joins the club for the first time. If entrance fees are capitalised, they will be taken to the ACCUMULATED FUND account and if not, they will entered into the INCOME AND EXPENDITURE account. iii. Sale on Refreshments Often, a club or society may have a specific corner where refreshments and snacks are sold for the convenience of its members. This is not the main activity of the club, yet, is a small trading activity that generates funds for the club. Western Cape Soccer Club prepares a Refreshment Trading Account to account for the profit or loss arising from such an activity. The money that the club receives from this activity will serve as a portion of the income. When the physical refreshments are bought, this is recorded in the REFRESHMENTS ACCOUNT which is an asset account. If there are refreshments left over at the end of the financial period, these have to be recorded in the account called REFRESHMENTS ON HAND and these will be used in the next financial period. Refreshments account will increase on the Debit side and if the refreshments are sold, the account decreases on the Credit side (as it is an asset account). The profit made will be accounted for with a contra-account PROFIT ON SALE OF REFRESHMENTS. I have illustrated how Western Cape Soccer Club will enter the Refreshments Ledger Account: DR
By being so accessible to the people soccer becomes a cheap sport. Club teams, which give a good opportunity to get scouted, don’t cost too much money. Some of the best club teams will cost one thousand dollars total, with trips to tournaments included. However, those clubs aren’t the only ones a player can choose. There are many leagues that will only cost someone seventy to eighty dollars to play per season. Although what really makes soccer one of the cheapest sports is the lack of equipment needed to play. All that is needed to play is a field, cleats, a jersey and shin guards. The jersey and field is given to the player by the team, and the cleats and shin guards can be
Money is invested into these governing bodies of sport that will make new openings for more people to play local sports.
The entries used to record the disposition when the receivables are sold to a factor often detail the cash received plus the service charge. The company can then balance their receivables account. When a credit card company records a credit card
Then closing the expense accounts, which transfers the balances in the expense account to a clearing account called income summary. Then closing the income summary account, which transfers the balance of the income summary account to the retained earning account. Finally, closing the dividends account, which transfers the balance of the dividends account to the retained earning account. The closing process is important because it reduces the revenue, expense, and dividends account balances to zero so they are ready to receive data for the next accounting period. The only account types that remain open are assets, liabilities, capital stock, and retained
‘Cash and cash equivalents’ include certain short-term investments and, in some cases, bank overdrafts. Like IFRS, ‘cash and cash equivalents’ include certain shortterm investments, although not necessarily the same short-term investments as under IFRS. Unlike IFRS, bank overdrafts are considered a form of short-term financing, with changes therein classified as financing activities. The statement of cash flows presents cash flows during the period, classified by operating, investing and financing activities. Like IFRS, the statement of cash flows presents cash flows during the period, classified by operating, investing and financing activities. The separate components of a single transaction are classified as operating, investing or financing. Unlike IFRS, cash receipts and payments with attributes of more than one class of cash flows are classified based on the predominant source of the cash flows unless the underlying transaction is accounted for as having different components. Cash flows from operating activities may be presented using either the direct method or the indirect method. If the direct method is used, then an entity presents a reconciliation of profit or loss to net cash flows from operating activities; however, in our experience practice varies regarding the measure of profit or loss used. Like IFRS, cash flows from operating activities may be presented using either the direct method or the indirect method. Like IFRS, if
Financial – money coming into the Club, via player sales, sales of match tickets and programmes, club merchandise, subscriptions to SAFC TV (the club’s own on-line TV) and from use of the Stadium as a Conference Venue and for staging Rock Concerts.
Best Buddies is a non-profit organization that promotes the good through one-to-one friendships, integrated employment and leadership development for people with intellectual and developmental disabilities (IDD). It has created lasting relationships between students with disabilities and their peers, therefore, helping to improve the quality of life and level of inclusion for a population that is often isolated and excluded. It has also provided employment opportunities for those with IDD, allowing them to be productive members of the labour force. Lastly, Best Buddies has given those with intellectual and developmental disabilities the chance to realize their potential by encouraging them to become leaders.
This paper's purpose is to introduced the nonprofit organization boys and girls club of America explaining more about their involvement in helping preventing gang affiliation in youth , through activities children find interesting .The BGCA hope their mission will be fulfilled in preventing adolescents juvenile behavior such as joining gangs so they can have a chance at a future before it’s too late .The paper will introduce the BGCA and problems they face along with personal suggestions that could be solutions to fix the problems through coats estimation , budget and organizational designs.
This organization or club (CRFU) made and set up games and matches between other teams in championships
a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)
The NCAA is a non-profit organization that organizes and executes college sports, which includes football, basketball, etc. Key word from the previous sentence would be “non-profit organization”. What kind of “non-profit organization” makes as much money as they do? The NCAA players bring in great revenue with their outstanding efforts in bringing their team up to the top, because that is what the fans like to watch. Now does it seem fair that the NCAA does not give the players back any money at all to the players that actually bring the money in? In simple terms the NCAA makes large amounts of profits and needs to start distributing some of the money to the players (History of College Basketball, 2013). According to another article, the
The current assets are those which are readily convertible into cash and cash equivalents due to their highly liquid nature and also form part of working capital of the company’s operations. However, the long term assets in contrast are not liquid because since they have a useful life of more than a year and hence their full value cannot be easily realized within
From the following list of accounts prepare the ASSET section of the Balance Sheet for Camosun Developers for December 31, 2011. Accounts payable ............................................... $10,000 Accounts receivable ........................................... 260,000 Accumulated Amortization, Building ................... 370,000 Accumulated Amortization, Furniture & Fixtures . 310,000 Allowance for Doubtful Accounts .......................... 70,000 Building .............................................................. 900,000 Cash ................................................................... 200,000 Cost of Goods Sold .............................................. 75,000 Furniture & Fixtures ............................................ 800,000 Interest Expense .................................................... 2,000 Inventory ............................................................ 330,000 Land ................................................................... 740,000 Notes payable (due in 5 years) ............................. 33,000 Prepaid expenses ................................................. 30,000 Sales Returns and Allowances ............................... 1,500 Note Receivable
As a non-profit organization, our company has been profoundly doing well in helping raise money for families. Being with an organization which is committed to providing assistance to families in impoverished towns is very generous. Although, there is a concern I would like to address regarding using certain data we are using in our annual reports.The company uses pie charts to display data and prefers one type of pie chart over the other. I feel that we should use the pie chart which demonstrates the percentages.
In this assignment I will be exploring the ways in which Internal and external factors have an impact on the core revenues of Clubs and how clubs themselves can potentially help put the factors in their favour. Topics such as Fans and their behaviour and Player conduct on and off the pitch will be explored. Things that can occur which clubs have little or no power over – such as a major political shift – which can affect a clubs income will also be covered.