Accounting Essay Essay
The IIHF founded in May 15, 1908 in Paris, France, is governing body of the international ice hockey and inline hockey. The IIHF features 72 member associations, each of which is the national governing body of the sport in its nation. Besides controlling the international rulebook, processing international player transfers, and dictating officiating guidelines, the IIHF runs numerous development programs designed to bring hockey to a broader population. Besides the world championships, the IIHF also runs a set of European club competitions. In 2008, the IIHF celebrated its 100 year anniversary, honouring it with a most ambitious new projects including naming the century all star team.
Q1: what are the clubs main sources of income? The clubs main sources of incomes are the registration fees that cost R400 per player that signs up as well as the fees that we charge per annum depending on the age group that the players are such as the intermediate and senior players pay R2800 per annum, the under 12 players that pay R2200 per annum and the trial players that can come on a Sunday morning and pay R50 per session that includes a stick and helmet that they receive before they start their practice
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Q2: what are the clubs main sources of expenditure? The clubs main sources of expenditure would be the payment of the ice rink for renting for our practices on Sunday mornings as well as the salaries and wages of our trainers and managers, the affiliation fees, refreshments, repairs to the kits as well as new equipment for our trainers etc. as well as the games on Monday nights and games as well as the national and international games that have passed. Our other sources of expenditure would be the purchasing of new tops for our players for them to use as we are soon starting the western province trials as well as later in the year the south African team trials.
Q3: what ledger accounts are you using in your system in order to record these incomes and expences, focusing on those that are different from businesses? The ledger accounts we use are…the membership fees, enterance fees, refreshments, club badges, honourium, affiliation fees and income and expenditure.
Q4: what control measures have you got in place in the keeping of ledgers? When money is received must be recorded in the source documents(cash register roll, cash receipt) The owner or manager must sign off on all payments made
Money received the previous week must be banked in at the beginning of each week. A trial balance must be done at the end of each month to see if any irregularities have occurred.
Q5:what is your policy regarding the collection of membership fees including how you cope with extraordinary items eg. Writing off of membership fees etc. Members get written off if they haven’t paid there fees before we’re half way through the season If members pay their fees up front they get a voucher for the tuck shop, bar, coffee shop or online clothing shop If members pay late they are charged 15% interest for each month that they’re fees are late up until 6 months when they get written off
Q6: what is your stock holding policy and how is the selling price determined?
Q7: what control measures do you use in the shop?
Q8: what control measures do you have in the bar/coffee shop and tuck shop?
Q9: what staff do you have and what control measures do you have in this respect?