Accounting Procedures Manual for Football Association of Malawi

a. According to Dictionary.com, an accountant is, “a person concerned with the  maintenance and audit of business accounts and the preparation ofconsultant reports in tax and  finance”. (Dictionary.com, 2013)

The structure of an organization will affect its financial management. Generally financial accounting is for outside use so they emphasize external reporting; which means they report to third parties such as; Medicare, Medicaid and other government entities and health plan payers. Managerial accounting is considered to be prospective as well as retrospective. It is of the upmost importance that the accountant must follow the guidelines principles and ethical standards of planning, controlling, organizing and directing, and decision making if they want to be successful at their job.

Managerial accounting underlines on future choices and it is not an obligatory practice. It gives data to the association's insiders in connection with performance assessment, inspiration, course and control. The opportuneness of report is a noteworthy prerequisite and accentuation are set on the significance of things in choice making (Needles, Powers and Crosson, 2010). Administrative bookkeeping gives a report on clients, items, workers and divisions. Also, it is not an absolute necessity for administrative bookkeeping to take the proper accounting rules.

21. Rules adopted by the accounting profession as guides in measuring, recording, and reporting the financial condition and activities of a business:

According to the case study, "Managing Costs and Revenues at Happy Town Neurology," in order to receive a promotion an individual must demonstrate the ability to plan, organize and direct the functional structure within that department. The neurology clinic offers its employees opportunities for assistant to the chief financial officer who has been with the company for in this case is interested in a position asked by the CFO to produce a cash flow budget and a report that is needed to acquire a loan for the hospital. In order, for the assistant to accomplish the goal assigned; she will need assistant from the controller. The controller is the chief accounting officer who manages the finance department and generates portfolios that are essential for capital fund acquisition (Buchbinder & Shanks, 2012). Moreover, the controller manages the accounting function and performance, which includes navigating the third party risk-based model procedure.

uses the Generally Accepted Accounting Principles as a regulatory requirement for managing financial resources. These are the guidelines and practices that are accepted in the field of accounting internationally in standardizing financial documents such as balance sheets, cash flow statements and income statements. The organization follows these principles in reporting its financial information. The absence of these standards would give the organization staff the privileges in divulging financial information at their individual expense and not at the company’s thus affecting its overall credibility to investors and

task accounting supervisor is ensure verification and finalization of any company's daily financial journal entries, prepare a report of cash turnover, the company tax reports and financial statements. An accounting supervisor should also create procedures and continue to develop internal systems to ensure its

Company Accountant (CA) who manages the accounts department including 11 other staff members, produces monthly management accounts, approves payments to suppliers

A formal document issued by the Financial Accounting Standards Board (FASB), which details accounting standards and

This needs the management to analyse the reason to adopt the accounting standards and to follow the strategies that are quite important to present the business information. The objective is to present the accurate and reliable business information with the members and to accommodate the financial details for the financial year. Any deviation in the information presentation is reduced by including the exact and accurate information incurred during the financial year. This avoids any sort of financial deviations that impacts the reliability of the company.

The Chief Accountant also supervises the work of the Costing Technician, Payroll Clerk and Accounting Systems Technician. The monthly management accounts are produced by the Chief Accountant and performance variances are reviewed with department managers before being reviewed and agreed with the Finance Director. The management accounts are then issued to the board members and senior management. The Chief Accountant also produces the annual budget based on the information which the budget holding department managers input to the Accounts department.

The audit committee’s role in financial reporting is to ensure that accurate and transparent disclosure is being presented to the public, investors, and shareholders. The role of top management in financial reporting is to make sure that the financial statements and disclosures are in accordance to GAAP, and that everything disclosed is truthful, while not hurting the business. The

Accounting is divided into two sub divisions. These divisions are financial and management accounting. Financial accounting is where the stockholders are provided with the company financial actions. Management accounting is where the business data is used by the company and the employees to uplift the direction that the company is headed in (“Accounting” 4-8

Financial accounting is the procedure that encompasses the planning of financial reports on the organization for utilization by both inside and outside parties. Clients of these related reports incorporate investors, speculators, lenders, administrators, managers, unions, as well as external government agencies. Conversely, managerial accounting is the procedure of recognizing, measuring, investigating, and imparting financial information required by administration and management to plan, arrange, control, and assess an organization 's operations in terms of its financial health and operational performance.

The first committee is the ‘Executive Committee’ which often oversees the operations of the Board of Directors and can act on behalf of the board. The ‘Finance Committee’ oversees the the construction of the budget, ensures accurate accountability of the business’ funds and decent financial controls. The ‘Audit Committee’ plans and supports the audits of major functions.