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SMGT10010 Financial Management of Sport I UCD Assignment Sample Ireland

SMGT10010 Financial Management of Sport I is a course that provides students with an introduction to financial management in the sports industry. The focus of the course is on developing an understanding of the key financial concepts and tools that managers need to make sound financial decisions in sports organizations.

The topics covered in the course include budgeting and forecasting, cash flow management, financial analysis, and risk management. The course also covers the financing of sports organizations, including both public and private sources of funding. In addition, the course discusses the impact of taxation on sports organizations and the role of financial markets in the sports industry.

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There are many different aspects to financial management in sports. One of the most important is understanding the revenue streams for your particular sport.

A second key aspect of financial management in sports is being able to forecast future expenditures and revenues. This includes creating budgets and projecting cash flow. It is also important to have a good handle on risk management.

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In this module, there are many types of assignments given to students like individual assignments, group-based assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions given by us. We also provide Group Project Presentations for Irish students.

In this section, we are describing some activities. These are:

Assignment Activity 1: Understand the financial accounting environment, the purpose of financial accounting, and the primary uses and basic concepts of financial accounting information.

The financial accounting environment is a complex and ever-changing field that can be difficult to understand. But with the right tools and information, it’s possible to get a basic understanding of the concepts involved.

The purpose of financial accounting is to provide information that is useful in making business decisions. Financial accounting information is used by individuals inside and outside of a company, including managers, investors, creditors, and government regulators.

The primary uses of financial accounting information are to assess a company’s past performance, make predictions about its future performance, and make decisions about how to allocate resources. Financial accounting information is presented in a standard format known as Generally Accepted Accounting Principles (GAAP).

Basic concepts of financial accounting information include revenue recognition, asset measurement, liabilities and equity, and income determination.

  • Revenue recognition is the process of recognizing revenue when it is earned, not when it is received. This means that revenue must be reported in the period in which it is earned, even if it is not received until a later period.
  • Asset measurement is the process of valuing assets for financial reporting purposes. The most common method of asset measurement is historical cost, which values assets at their original purchase price.
  • Liabilities and equity are the two components of a company’s balance sheet. Liabilities are obligations that must be paid in the future, while equity represents the ownership interest of shareholders.
  • Income determination is the process of calculating a company’s net income. This includes revenue recognition, asset measurement, and liabilities and equity.

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Assignment Activity 2: Understand the role of management accountants and the different uses for management accounts versus financial accounts.

Management accountants are responsible for providing financial information and advice to businesses and organizations. They use this information to make decisions about how to allocate resources and manage risks. Management accounts include both financial accounting and managerial accounting.

Financial accounting is concerned with the preparation of financial statements, which provide an overview of a company’s finances. Managerial accounting focuses on providing information that can be used to make operational decisions. This information includes things like cost analysis, budgeting, and forecasting.

While there is some overlap between management accounts and financial accounts, they serve different purposes. Financial statements are important for compliance and tax purposes, but they don’t provide the same level of detail or insight as management accounts. Management accounts are more focused on providing information that can be used to make decisions about how to run the business.

Assignment Activity 3: Prepare basic statements of profit and loss, income and expenditure accounts, statements of financial positions, and bank reconciliation statements.

In order to prepare accurate and complete financial statements, you need to ensure that you have all of the necessary information. This includes recording all revenue and expenses, as well as preparing any supporting documentation such as invoices and receipts. Once you have this information, you can then begin to generate your statements.

The profit and loss account shows a company’s revenue and expenses over a given period of time, usually one year. This statement is also sometimes referred to as the income statement or P&L. The goal of this statement is to show whether a company has made a profit or loss during the period under review.

The income and expenditure account is similar to the profit and loss account but focuses specifically on revenue and expenses. This statement provides a more detailed view of a company’s finances and can be used to track trends over time.

The statement of financial position, also known as the balance sheet, shows a company’s assets, liabilities, and equity at a specific point in time. This statement is used to assess a company’s financial health and can be used to make comparisons over time.

A bank reconciliation is a statement that shows the difference between a company’s bank balance and its financial records. This statement is used to reconcile any discrepancies and ensure that a company’s books are accurate.

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Assignment Activity 4: Understand how to prepare basic cash flow statements and budgets.

Understanding how to prepare basic cash flow statements and budgets is important for all businesses, large and small. While the specific procedures may vary slightly from company to company, the underlying principles are generally the same.

Cash flow statements show how much cash a company has available to meet its financial obligations. This information is used by management to make decisions about operational expenses and investments. Budgets are one tool that can be used to forecast future cash flow needs.

Preparing a cash flow statement begins with an accurate record of all income and expenditures for a given period of time. This can be done using accounting software or by hand. Once all income and expenditures have been accounted for, the statement will show whether the business is in a positive or negative cash position.

A budget is a tool that can be used to predict future income and expenditures. This information can be used to make decisions about operational expenses and investments. budgets are typically prepared on an annual basis, but they can also be prepared for shorter or longer time periods.

When preparing a budget, you will need to estimate both revenue and expenses. This can be done using historical data, market trends, and other information. Once you have estimated income and expenses, you can then begin to allocate funds to specific areas of the business.

Assignment Activity 5: An overview of company law and the annual reporting requirements of limited companies carrying out a basic analysis of the performance and financial position of an organization from its financial statements.

Company law is the body of law that governs the formation and operation of businesses. This includes the incorporation of businesses, the rights and responsibilities of shareholders, directors, and officers, and the regulations governing corporate governance.

Annual reports are a requirement for all limited companies. These reports must be filed with Companies House and made available to the public. The reports must include financial statements and a directors’ report.

The financial statements show the company’s income, expenditure, assets, and liabilities. The directors’ report must contain an analysis of the company’s performance and financial position.

An annual report is a valuable tool for shareholders, potential investors, and other interested parties. It provides insight into the company’s financial health and can be used to make comparisons with other companies.

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Assignment Activity 6: Understand the various ways in which businesses can be financed; the characteristics, advantages, and disadvantages of the different sources of finance.

There are various ways in which businesses can be financed, and each source of finance has its own advantages and disadvantages. The most common sources of finance are:

  1. Debt financing: When a company borrows money from a bank or other lender, it is said to be debt financing. This type of funding has several advantages, including the fact that it is relatively cheap, as the interest rates on debt are usually lower than those on equity. Debt financing also allows companies to maintain control over their operations, as they are not required to give up any ownership in the business. However, debt financing can also be risky for companies, as they may struggle to repay their loans if their business fails.
  2. Equity financing: When a company raises money by selling shares in the business to investors, it is said to be equity financing. This type of funding allows companies to raise large sums of money without having to repay any debts. However, equity financing also comes with some risks, as investors will own a portion of the business and may have a say in how it is run.
  3. Government grants: When a government provides funding to a company for specific purposes, it is said to be grant financing. This type of funding can be very helpful for companies, as it can provide them with the capital they need to start or expand their businesses. However, government grants are often only available to certain types of businesses, and they may come with strings attached.
  4. Venture capital: When a company raises money from investors who are willing to take a risk on the business, it is said to be venture capital financing. This type of funding can be very helpful for companies that are trying to grow quickly, as it provides them with the capital they need to expand their operations. However, venture capital financing can also be risky, as investors may expect a high return on their investment and may want to control the direction of the company.
  5. Angel investors: When a wealthy individual provides funding to a company in exchange for an ownership stake in the business, it is said to be angel investing. This type of funding can be very helpful for companies that are trying to grow quickly, as it provides them with the capital they need to expand their operations. However, angel investors may expect a high return on their investment and may want to control the direction of the company.
  6. Crowdfunding: When a company raises money from a large number of people, typically through an online platform, it is said to be crowdfunding. This type of funding can be helpful for companies that are trying to raise a small amount of money for a specific purpose. However, crowdfunding can also be risky, as the company may not receive enough funding to meet its goals.
  7. Initial public offering (IPO): When a company sells shares of the business to the public for the first time, it is said to be an IPO. This type of funding can be very helpful for companies that are trying to raise a large amount of money to fund their operations. However, IPOs can also be risky, as the company may not receive enough interest from investors to meet its goals.
  8. Debt restructuring: When a company restructures its debt, it is said to be a debt restructuring. This type of financing can be helpful for companies that are struggling to repay their debts. However, debt restructuring can also be risky, as the company may not be able to meet its new payment terms.

Assignment Activity 7: Understand the PAYE and VAT systems in Ireland and be able to carry out basic calculations.

PAYE is an employer tax system in Ireland. It stands for Pay As You Earn, and it’s the system by which your employer deducts tax from your wages each month and pays it to the government. 

VAT is a sales tax in Ireland. It stands for Value-Added Tax, and it’s a tax that’s charged on most goods and services that are sold in Ireland. The rate of VAT is currently 23%. 

To do basic calculations with PAYE and VAT, you need to understand three concepts: taxable income, net pay, and gross pay.

Taxable income is the amount of money that’s subject to income tax. Net pay is the amount of money you take home after your employer has deducted taxes from your wages. Gross pay is the amount of money you earn before your employer deducts any taxes from your wages. 

Assuming that you’re an employee with a taxable income of €50,000, your net pay would be €39,167 per year (€3,264 per month). This is because the first €33,800 of your taxable income is taxed at 20%, and the remaining €16,200 is taxed at 40%. Therefore, your total tax bill would be €8,333 per year (€694 per month). Your gross pay would be €47,500 per year (€3,958 per month).

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