what accounting principles are best for nonprofit sport business entity to monitor its financial health? what recommendations can be made for the improvement in accounting for revenue and expenditure management?
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what accounting principles are best for nonprofit sport business entity to monitor its financial health?
what recommendations can be made for the improvement in accounting for revenue and expenditure management?
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- Objectives: • Evaluate the economic and financial principles involved in managing a professional and non-profit sport business organization. 1. Discuss the types of revenue/ income sources of an identified sport business entity. 2. Identify the accounting principles used by the business entity identified to monitor its financial health and make recommendations for the improvement in accounting for revenue and expenditure management.Examine the role of accounting theory in addressing the challenges of measuring and reporting the performance of non-profit organizations and government entities.Which of the following accounting rules apply to all not-for-profit organizations? (Select all that apply.) The financial statements must include a statement of functional expenses The balance sheet must segregate assets according to restrictions on their use. The balance sheet must segregate current assets from long-term assets. The balance sheet must show reserves for likely amount of bad debts. Equipment must be reported net of accumulated depreciation. The activity statement must report expenses as decreases in net assets with donor restrictions. The activity statement must segregate revenues according to restrictions on their use.
- Please help with the following: Review FASB Statement of Financial Accounting Concept No. 1, No. 4, and No. 8, as well as GASB Statement No. 1. Compare the financial reporting needs of the users of governmental, nonprofit, and for-profit entities. Identify a local government, nonprofit, and for-profit business in your community, and describe the resource providers/users for each type of organization. Explain the need for information for each resource provider/user group. Discuss how the objectives of the financial reporting listed for each type of organization meet these needs.Examine the basic concepts and techniques of financial management and its relevance inmeasuring the performance and position of a sports organization.What is the difference between a balance sheet of a non profit organization and a for - profit business ?
- A governmental agency can best be described by which of the following statements? A. has a primary purpose of making a profit B. has a primary purpose of using taxpayer funds to provide services C. produces goods for sale to the public D. has regular shareholder meetingsA forprofit business has a focus on profit and loss and follows GAAP regulations A government entity follows GASB regulations A government entity will have focus on what is being done with the funds received and recommendations for improvement are usually not given Whereas a forprofit entity will be reviewed for how revenue is being recognized and if they follow GAPP regulations and recommendations are given on how to improve compliance with GAAPWhat is your present understanding of the short-term versus long-term financial needs of an organization? What might be some short-term financial needs of an organization? What might be some long-term financial needs of an organization? Why might these different types of needs be important to an organization’s success and overall financial health?
- why do managers of governmental and not for non profit organizations need to understand financial information as much as profit seeking organizationExplain the concept of corporate social responsibility (CSR) and its relationship with accounting. How can accounting practices and disclosures contribute to assessing and communicating an organization's social and environmental performance?A governmental agency can best be described by which of the following statements? has a primary purpose of making a profit has a primary purpose of using taxpayer funds to provide services produces goods for sale to the public has regular shareholder meetings