Accpunting Project | Term 2 Term 2 | This Project is in respect of term 2’s accounting task. | By Dimitri gomes | 1. The club’s main source of an income would be its membership fees which would cover its running costs. They also accumulate money from their one-time entrance costs and receive modest profit on their refreshments and uniform sales. 2. Its main objects of expenditure would probably be trading stock in the form of refreshments. The reasoning behind this is‚ because refreshments
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Peter van Staden About Sports Clubs Sports clubs are non-profit organisations‚ they render services to their members and they use income to upgrade the facilities used by the members. Although the accounting principles for a sports club and a business are the same‚ they are different in the way that the object of a business is to make a profit where as the object of Sports club is to enable its members to take part in one or more kinds of activities. Sources of income Membership fees Juniors
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Accounting Project James Nevin Term 2 2012 Income‚ Expenses and Recording System Income: The Western Cape Soccer Club has multiple sources of income‚ the main ones being: * Membership Fees – The Club has 260 members who pay different annual prices. Juniors pay R100 per annum and adults pay R250 per annum. * Entrance Fees – The Club charges entrance fees for all new members. Juniors pay a fee of R200 and adults pay a fee of R400. * Tuckshop and Bar – The Club runs a tuckshop and
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income The main sources of income for the Cape Soccer Club are: • The membership fees paid by the members. We charge R450 per annum for adults and R120 per annum for juniors. • Joining fees. R400 joining fee for adults and a R200 joining fee for juniors. • The tuck shop where we sell a range of refreshments. • The Pro-Shop where we sell club jerseys‚ tracksuits‚ T-shirts and socks. 2) Expenditure The main items of expenditure of our club are: • Salaries and wages. • Rental of the facilities
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within sports development is to measure the quality of an initiative or sports club. Benchmarking is a process that all clubs and initiatives have to follow to ensure they meet the correct requirements to achieve a benchmark. To get these benchmarks they must undergo inspections and to have all data records looked upon to ensure they are covered in all kinds of insurances documents‚ safeguarding‚ and emergency procedures. Etc. National governing bodies and sports organisations such as Sport England
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Introduction Although all accountants adopt the generally accepted accounting rules‚ each industry has its own characteristics. This is why analysts need specific knowledge about the industry so as to decide which set of accounting rules to apply to reflect the financial situation of the corporation best. And in the football industry‚ perhaps the main characteristics is the fluctuations in revenue and net income due to uncertainties in the industry. A team can earn a huge amount of money in this
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with additional income it covers the clubs expenses. There are usually Membership fees outstanding as well as people who pay in advance. Entrance fees is also a part of the clubs income. This is paid by new members who join the club. This fee is only paid once and stands at R200 for juniors and R400 for adults. The club also has a tuck-shop that sells refreshments as well as a coffee bar The club also has a shop that sells jerseys and socks. The club also gets money if they win a tournament
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• Profits made by running a tuck-shop and bar/coffee shop • Profits made by running a Kit shop What are the club’s main items of expenditure? • Refreshments bought to sell at the tuck-shop and bar/coffee shop • Expenditure on cost price of the club jerseys and socks that get sold at the Kit shop • Operating expenses such as water‚ electricity‚ etc. • Maintenance expenses What ledger accounts are you using in your system in order to record these incomes and expenses‚ focussing on those that
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Task 1 Accounting record is defined as the all of the documentations involved in the preparation of financial statements and records which are relevant to financial review and audits which include recording of assets and liabilities‚ ledgers‚ journals‚ and any other supporting documents like invoices. Ledger: Maintaining ledger is a must in all accounting system. Ledger is used for preparing trial balance which checks the arithmetical accuracy of the accounting books. Ledger is the store-house
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I am just ONE girl in my sorority supporting our philanthropy. I am just ONE student who participates in club sports. I am just ONE volunteer of the Big Brother Big Sister program. I am just ONE of many students who plan events on campus. I am just ONE student on Saint Joseph’s University’s Dean’s List. Although there are many students that I can easily be compared to‚ I have spent my time striving to make the most of my involvement. I have lived my life by the Abraham Lincoln quote‚ “In the end
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