Description
Discussion 1
Why is sound financial management so important for all sport organizations? What are three core financial statements, and what do they aim to measure? What are the key financial questions that all sport organizations need to ask in order to understand their overall financial well-being?
Your initial post should be at least 250 words in length.
Discussion 2
Business Classifications, Tax, and Legal Issues |
Describe at least two different business classifications (e.g., sole proprietorship, partnership, corporation, LLC) in which an organization can be identified, and indicate which forms are used the most within the sport industry. Compare and contrast the classifications by identifying some advantages and disadvantages of one over the other. If you owned a professional sports team, which form of business ownership would you prefer and why? Describe one tax and one legal issue involved with the financial management of sport organizations.
Your initial post should be at least 250 words in length.
Text
Fried, G., DeSchriver, T. D., & Mondello, M. (2013). Sport finance (3rd ed.). Human Kinetics. ISBN: 9781450421041
Please include plagarism report when finished
Explanation & Answer
I have done as you have requested
A sound financial management entails being able to effectively manage funds, review financial
information, understand the club’s financial positions and liabilities, and the implementation of
sound financial practices. Sound financial management is critical to the success of the club and an
important component of good governance. It is good practice for the sports organization to account
for the funds they received and how it was spent within a specified period of time. Some of the
financial statement prepared by a sports organization that are intricately linked together include
the profit and loss or income statement, balance sheet and the cash flow statement. The income
statement measures the performance of the organization throug...
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