Study Guide

Objective

Having completed this study unit,
• You are able to identify the laws and regulations governing financial accounting in sports organizations.
• You are able to understand the principles of bookkeeping for small organization 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 organization’s finance.
• You know the basics of payroll in a sports organization and you are able to identify the connection between payroll accounting and bookkeeping and their relation to the organization's financial situation.
• You are able to identify sports organizations duties as an employer and the need to submit necessary information to the government officials.

Content

Theme 1. Responsibilities and requirements of financial accounting in sport organizations. You understand the responsibilities of sport organizations finances and the legislation governing.

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 turn over times to the organization financial situation. Cash flow statement.

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

Assessment criteria, satisfactory (1)

Assessment
Fail: The student does not do / pass the required tasks according to the given instructions or does not participate at all.

Level 1
Financial accounting:
- You are able to name the laws and regulation governing financial accounting in sports organizations.
- You recognize the basic principles of accounting for a small organization and know how to take care of providing statutory information to the authorities.
- You are able to recognize the impact of sales and purchase invoicing on the organization’s finance.

Payroll:
- You know the basics of payroll in a sports organization and you are able to identify the connection between payroll accounting and bookkeeping and their relation to the organization's financial situation.
- You are able to identify sports organization’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 organizations.
- You know the basic principles of accounting for a small organization and are able to interpret the results of accounting and the effects of the results on the operation of the organization in a guided way.
- You know the impact of sales and purchase invoicing on the organization’s finance.

Payroll:
- You know and describe the basics of payroll in a sports organization and you are able to identify the connection between payroll accounting and bookkeeping and their relation to the organization’s financial situation.
- You know sport organization’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 organizations.
- You understand a small organization
accounting principles, you know how to interpret accounting results and understand the effects of the results on the organization's operations.
- You understand the impact of sales and purchase invoicing on the organization’s finance.

Payroll:
- You understand the basics of payroll in sports organization and you are able to identify the connection between payroll accounting and bookkeeping and their connection to the organization’s financial situation.
- You understand sport organization’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 organizations.
- You understand a small organization
accounting principles, taking into account the special features of sports activities, you are able to interpret the results of accounting and financial statements and understand the effects of the results on the organization's operations.
- You understand the impact of sales and purchase invoicing on the organization’s finance and financial result.

Payroll:
- You have a command of the basics of payroll in sports organization and you are able to identify the connection between payroll accounting and bookkeeping and their connection to the organization’s financial situation.
- You have a command of sports organization’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 organizations.
- You understand a small organization
accounting principles, taking into account the special features of sports activities and you are able to analyze the results of accounting and financial statements and you are able to use information in the management of operations, especially from an economic point of view.

Payroll:
- You understand the meaning and connection between payroll and payroll accounting to the organizations 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.