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. 

Location and time

Spring semester 2024 from week 13 to 19

Materials

Book: Business Accounting and Finance by Catherine Gowthorpe 5th edition and Lecture materials and exercises

Teaching methods

Learning process is organized lectures, independent studies and knowledge acquisition activities.

Exam schedules

The first exams for the two topics are given below. Both exams can be redone at a later date.

1) Accounting exam 11.4.2024 and Payroll Accounting exam 3.5.2024
2) end of Autumn 2024 (can change)
3) end of Autumn 2024 ( can change)

Content scheduling

Accounting
Payroll

Evaluation scale

H-5

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. 

Assessment methods and criteria

Assessment is based on the process and actual skills and knowledge evaluation.
• Exam 100 % (0/1-5)
- Exam 1 50p Financial Accounting (Individual)
- Exam 2 50p Payroll ( Individual)
• Individual assignment (pass/fail)



All assignments are done individually.
Also, assignments must be done and passed to complete the study unit.

Plagiarism and use of references:

Please notice that in study unit assignment returns the plagiarism detection programs (for example Turnitit) will be used.
Also notice that you need to use Lapland UAS templates (essay, thesis, report etc) and writing instructions. Textual references must be done according to the given instructions.


Submitting assignments against given instructions may lead to failing and other possible consequences according to the Degree Regulations.