SCIENCE DISCUSSION(NO PLAGIARISM, A++ WORK, QUALITY, ON TIME)

WEEK

3 Assignment

Financial managers must conduct accurate appraisals of potential and

realized profits. A distinction must be made between accounting profit and

economic profit. An accounting profit is earned when revenues exceed costs

and expenses over a particular period

of time. Economic profit is the profit

remaining after the opportunity costs associated with a financial decision are

included.

Losses are a one

-

time removal or decrease in a business resource or asset.

Losses are unrecoverable and unanticipated. Common t

ypes of losses refer

to the amount that an asset decreases in value over the course of its useful

life for your business. All fixed (long

-

term) assets suffer from depreciation

over time and the the differences in the value is what is referred to as a loss.

All sports organizations have a goal of making a profit.

In fact, they must make

a profit in order to stay in business. However, there are times that an

organization gets into a situation where the profit is in jeopardy and they are in

danger of having

a loss. Explain how the organization’s leaders can respond to

the financial problems in order to avoid showing a loss. What internal controls

can be implemented in order to help avoid financial problems

?

Wicker, P., & Breuer, C. (2014). Examining the fin

ancial condition of sport governing bodies: The

effects of revenue diversification and organizational success factors

.

Voluntas,

2

5

(4), 929

-

948.

doi:http://dx.doi.org.ezproxy2.apus.edu/10.1007/s11266

-

013

-

9387

-

0

Winand, M., Zintz, T., & Scheerder, J. (201

2). A financial management tool for sport

federations

.

Sport, Business and Management,

2

(3), 225

-

240.

doi:http://dx.doi.org.ezproxy2.apus.edu/10.1108/2042678121126153

9

WEEK 3 Assignment

Financial managers must conduct accurate appraisals of potential and

realized profits. A distinction must be made between accounting profit and

economic profit. An accounting profit is earned when revenues exceed costs

and expenses over a particular period of time. Economic profit is the profit

remaining after the opportunity costs associated with a financial decision are

included.

Losses are a one-time removal or decrease in a business resource or asset.

Losses are unrecoverable and unanticipated. Common types of losses refer

to the amount that an asset decreases in value over the course of its useful

life for your business. All fixed (long-term) assets suffer from depreciation

over time and the the differences in the value is what is referred to as a loss.

All sports organizations have a goal of making a profit. In fact, they must make

a profit in order to stay in business. However, there are times that an

organization gets into a situation where the profit is in jeopardy and they are in

danger of having a loss. Explain how the organization’s leaders can respond to

the financial problems in order to avoid showing a loss. What internal controls

can be implemented in order to help avoid financial problems?

Wicker, P., & Breuer, C. (2014). Examining the financial condition of sport governing bodies: The

effects of revenue diversification and organizational success factors. Voluntas, 25(4), 929-948.

doi:http://dx.doi.org.ezproxy2.apus.edu/10.1007/s11266-013-9387-0

Winand, M., Zintz, T., & Scheerder, J. (2012). A financial management tool for sport

federations. Sport, Business and Management, 2(3), 225-240.

doi:http://dx.doi.org.ezproxy2.apus.edu/10.1108/20426781211261539