The University Of Never Land

Decent Essays
Over the last few years, the University of Never Land has been under some hard times financially, but after some difficult decisions by the athletic director to cut a portion of the scholarship budget and adding more student-athletes the Bells are now starting to show a profit. The school wants to borrow $1,000,000 to help renovate the Dumbo Arena where the basketball and volleyball teams play, but Rocky Balboa has one more financial issue he needs to fix. He must get the associate athletic director to develop a policy and procedures statement for the athletic department on how account payables and receivables are handled so that bills will be paid on time. Once this issue is fixed, then Mr. Balboa can work with the arena on securing the loan to renovate Dubmo Arena.
When dealing with accounts payable and receivable it is very important that the athletic department take care of both in a timely manner. Accounts receivable is money that is coming into the college for tickets, camps, or apparel; while accounts payable is the money that is paid to vendors for these and other services (NA, What is the difference between accounts payable and accounts receivable?, 2016). Apollo Creed, the associate athletic director at UNL, has trouble staying on top of both these areas and it has caused late payments that have cause the vendors to be upset because they do not get paid on time. Mr. Creed must develop a policy that the staff members of the athletic department must follow in
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