SMGT30190 Adv Financial Mgt of Sport UCD Assignment Sample Ireland
SMGT30190 Advanced Financial Management of Sport is a course offered by the University College Dublin that explores financial management within the context of the sports industry. The course covers a wide range of topics including budgeting, revenue generation, expenditure control, and financial reporting. It also includes a focus on contemporary issues such as facility financing and sponsorship.
This course is designed for students who have an interest in pursuing a career in financial management within the sports industry. It is also relevant for those who wish to gain a greater understanding of financial issues faced by sports organizations.
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There are many types of assignments given to students like individual assignments, continuous assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions given by us Irish students.
Several activities will be covered in this course. They are as follows:
Assignment Activity 1: Read, understand, and have the ability to analyze a set of financial statements.
Financial statements can be confusing to read and understand, but it’s important to do so in order to make sound financial decisions. By reading and understanding a company’s financial statements, you can get a sense of how the company is performing financially and identify any potential red flags.
Each financial statement provides different information. The income statement shows the company’s revenue and expenses over a specific period of time, while the balance sheet shows the company’s assets, liabilities, and equity at a specific point in time. The cash flow statement tracks how much cash the company has generated and used over a specific period of time.
Analyzing a set of financial statements takes practice, but by studying them closely you can gain valuable insights into a company’s financial health.
Assignment Activity 2: Prepare a detailed financial budget.
A financial budget is a document that outlines your expected income and expenses for a given period of time. The purpose of a financial budget is to help you track your spending and make sure that you are not overspending your income.
There are a number of different ways to create a financial budget, but most budgets generally include the following information:
- Your monthly income
- Your monthly expenses
- Your projected savings or investments for the month
- Any other relevant information (e.g., loan payments, credit card payments, etc.)
Creating a financial budget can be helpful in ensuring that you have enough money to cover your monthly expenses, and it can also be helpful in identifying areas where you may be able to save money.
Assignment Activity 3: Prepare a detailed cash flow forecast for an organization.
Detailed cash flow forecasting is critical for any organization in order to maintain solvency and avoid becoming insolvent. There are a few key things to keep in mind when preparing a cash flow forecast:
- Have a clear understanding of all inflows and outflows of cash. This includes sales, invoices, expenses, loans, investments, etc.
- Use historical data to establish trends and make assumptions about future inflows and outflows of cash.
- Make sure the forecast is based on achievable scenarios. That is, don’t try to forecast what you *hope* will happen – base it on what you *expect* will happen given current conditions.
- Maintain regular updates to the forecast as new information becomes available.
Cash flow forecasting can be a complex process, but it’s essential for any organization to have a good understanding of its cash flow situation.
Assignment Activity 4: Prepare double-entry accounting adjustments in preparing statements of profit or loss and statements of financial position.
Accounting adjustments are necessary to ensure that the financial statements of a company accurately reflect its financial position. Adjustments can be made for items such as loss, depreciation, accrued expenses, and unearned revenue.
Double-entry accounting is a system of recording transactions in which each transaction is recorded in at least two different accounts. This system helps to prevent errors and ensure that the books are balanced.
When preparing statements of profit and/or loss, double-entry accounting adjustments must be made in order to properly reflect the financial position of the company. This can be done by debiting one account and crediting another account for the same amount. For example, if there is a loss in inventory, this would be reflected by debiting the inventory account and crediting the expense account.
When preparing statements of financial position, double-entry accounting adjustments must be made to ensure that all assets and liabilities are properly accounted for. This can be done by debiting an asset account and crediting a liability account, or vice versa. For example, if a company has a long-term loan, this would be reflected by debiting the long-term loan account and crediting the liability account.
Double-entry accounting is a critical component of financial statement preparation, and accounting adjustments are necessary to ensure that the statements are accurate and reflect the true financial position of a company.
Assignment Activity 5: Analyze financial statements and budgets to evaluate and recommend actions for business financial planning.
There are a few things to consider when analyzing financial statements and budgets for business planning purposes. The first is to ensure that the information is accurate and complete. This includes looking at the balance sheet, income statement, and cash flow statement. Once you have verified that the information is accurate, you can then start to look for trends.
For example, if you see that revenue has been increasing over the past few years but expenses have also been increasing, you might want to take a closer look at where those expenses are going. Are they necessary costs or could some of them be reduced? This is just one example of how trend analysis can be used when reviewing financial statements.
Another thing to keep in mind is how the financial statements impact the budget. For example, if you see that revenue is lower than expected in the current fiscal year, you might need to adjust the budget accordingly. The goal is to make sure that the budget reflects reality so that the company can stay on track financially.
Finally, it’s important to be proactive when reviewing financial statements and budgets. This means that you should not wait until the end of the fiscal year to take a look at how the company is doing financially. By taking a proactive approach, you can make changes and adjustments as needed so that the company is on track for success.
Assignment Activity 6: Understand how taxation will impact the running of a business.
The way taxation will impact the running of a business depends on the type of business, as well as the location of that business. Generally speaking, taxes will either increase the cost of doing business or reduce the amount of revenue a company receives.
For example, if a company is based in a country with high corporate tax rates, that company will have to pay more taxes on its profits. This will likely reduce the amount of money that company has available to reinvest back into the business, hire new employees, or provide raises and bonuses. Alternatively, if a company is located in a country with low corporate tax rates, that company will have more money available to reinvest back into the business, hire new employees, or provide raises and bonuses.
It’s important to understand the tax implications of running a business, as they can have a significant impact on the bottom line. By being aware of the different tax rates and taxes that apply to your business, you can make more informed decisions about how to run your company.
Assignment Activity 7: Understand the company law audit exemption for small companies.
The company law audit exemption for small companies is a legal provision that allows certain types of businesses to exclude themselves from the mandatory audit requirements that apply to larger businesses. This exemption can be useful for businesses that want to save on the costs associated with an audit, but it’s important to understand the eligibility requirements and limitations before opting out of an audit.
To be eligible for the company law audit exemption, a small company must meet all of the following criteria:
- The company must have an annual turnover of less than £6.5 million.
- The company must have a balance sheet total of less than £3.26 million.
- The company must have fewer than 50 employees on its payroll.
If a small company meets all of these criteria, it can exclude itself from the mandatory audit requirements. This means that the company will not have to undergo an annual audit, and it will be exempt from any penalties or fines that would normally apply.
It’s important to note that this exemption is not automatic – a small company must apply for it in order to be exempt from the mandatory audit requirements. Furthermore, the exemption does not apply to companies that are in the process of being wound up or liquidated. By understanding the company law audit exemption for small companies, you can make more informed decisions about how to structure your business.
Assignment Activity 8: Calculate payroll taxes for employees.
This can be a complex calculation, as payroll taxes are levied at different rates depending on the employee’s income and marital status. However, here is a basic overview of the payroll taxes that employers must withhold from employees’ paychecks:
Federal income tax: Withholds money to pay federal income taxes. The amount withheld depends on the number of exemptions claimed by the employee on Form W-4.
Social Security tax: Withholds money to pay Social Security taxes. The amount withheld depends on the employee’s wage bracket and whether the employee is married or single.
Medicare tax: Withholds money to pay Medicare taxes. The amount withheld depends on the employee’s wage bracket and whether the employee is married or single.
State income tax: Withholds money to pay state income taxes. The amount withheld depends on the employee’s state of residence and the state’s income tax rates.
By understanding these basic payroll taxes, you can ensure that your business is withholding the correct amounts from employees’ paychecks. This will help avoid penalties and fines from the IRS.
Assignment Activity 9: Calculate VAT liabilities for a business.
When calculating VAT liabilities for a business, it’s important to consider the following:
- The taxable value of goods and services
- The rate of VAT applicable to those goods and services
- Whether the business is eligible to claim back any input tax credit on the purchases it makes that are used in the production of taxable supplies.
Once you have calculated the VAT liabilities for a business, it’s important to ensure that the business is paying the correct amount of VAT to HMRC. If the business is not paying enough VAT, it may be subject to penalties and fines from HMRC. By understanding how to calculate VAT liabilities, you can help your business stay compliant with HMRC’s requirements.
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