Study Guide

Objective

Having completed this study unit,  
- You can identify the laws and regulations governing financial accounting in sports organisations.  
- You understand the basics of bookkeeping for small organisations and can provide all necessary information to the officials according to the current laws and regulations. 
- You recognize the impact of sales and purchase invoicing on the organisation’s finances. 
- You know the basics of payroll in a sports organisation, and you can identify the connection between payroll accounting and bookkeeping and their relation to the organisation's financial situation. 
- You can identify sports organisations duties as an employer and the need to submit necessary information to government officials.

Competences: Business and Financial Management Competence

Content

Theme 1. Responsibilities and requirements of financial accounting in sport organisations.  Understanding the responsibilities of sport organisations finances and the governing legislation.  

Theme 2. Obligation to keep accounting records: Double-entry bookkeeping, VAT calculations and accounting entries, recognitions, taxable income and making the financial statement.  

Theme 3. Financial management: sales and purchase invoices, and their turnover times. The effect of turnover times to the organisation financial situation. Cash flow statement. 

Theme 4. Sport organisations obligations as an employer: reporting and payment of employer obligations to the Income Register. Payroll and payroll accounting entries. 

Assessment criteria, satisfactory (1)

Level 1
Financial accounting :
You are able to name the laws and regulation governing financial accounting in sports organisations. 
You are able to do the bookkeeping for a small organisation and provide all necessary information to the officials according to the current laws and regulations.  
You are able to recognize the impact of sales and purchase invoicing on the organisation’s finance. 

Payroll:
You know the basics of payroll in a sports organisation and you are able to identify the connection between payroll accounting and bookkeeping and their relation to the organisation's financial situation. 
You are able to identify sports organisation’s duties as an employer and the need to submit necessary information to the government officials. 

Level 2
Financial accounting :
You are able to describe the laws and regulations governing financial accounting in sport organisations.  
You are able to do the bookkeeping for a small organisation and you are able to understand the results and their impact on the organisation.  
You know the impact of sales and purchase invoicing on the organisation’s finance. 

Payroll:
You know and describe the basics of payroll in a sports organisation and you are able to identify the connection between payroll accounting and bookkeeping and their relation to the organisation’s financial situation. 
You know sport organisation’s duties as an employer and the need to submit necessary information to the government officials. 

Assessment criteria, good (3)

Level 3
Financial accounting :
You know the laws and regulations governing financial accounting in sport organisations.  
You are able to do the bookkeeping for a small organisation and evaluate the correctness of the bookkeeping.  
You understand the impact of sales and purchase invoicing on the organisation’s finance. 

Payroll:
 You understand the basics of payroll in sports organisation and you are able to identify the connection between payroll accounting and bookkeeping and their connection to the organisation’s financial situation.    You understand sport organisation’s duties as an employer and the need to submit necessary information to the government officials. 

Level 4
Financial accounting :
You understand the laws and regulations governing financial accounting in sports organisations.  
You are able to do the bookkeeping for a small organisation and take notice of the special features of sports. You are able to evaluate the correctness and make the financial statement according to instructions.  
You understand the impact of sales and purchase invoicing on the organisation’s finance and financial result. 

Payroll:
You have a command of the basics of payroll in sports organisation and you are able to identify the connection between payroll accounting and bookkeeping and their connection to the organisation’s financial situation.  
You have a command of sports organisation’s obligation as an employer to provide information to the authorities. 

Assessment criteria, excellent (5)

Level 5
Financial accounting :
You understand the meaning of the laws and regulations applied in financial accounting in sports organisations.  
You are able to do the bookkeeping for a small organisation and evaluate the correctness of the bookkeeping and make necessary corrections.  

Payroll:
You understand the meaning and connection between payroll and payroll accounting to the organisations finance and to financial result.  
You understand employer’s obligation to give information to the government officials and the meaning and impacts of that given information.