23C final: FINANCIAL MANAGEMENT DEFINITION AND SCOPE

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salyvm

26 Jan 2023

School

Bharathiar University

Department

Business

Course

23C

Professor

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Document Summary

Financial management is an integral part of overall management. It is concerned with the duties of the financial managers in the business firm. The term financial management has been defined by solomon, it is concerned with the efficient use of an important economic resource namely, capital funds . financial. The most popular and acceptable definition of management as given by s. c. kuchal is that financial management deals with procurement of funds and their effective utilization in the business . Howard and upton : financial management as an application of general managerial principles to the area of financial decision-making. Weston and brigham : financial management is an area of financial decision-making, harmonizing individual motives and enterprise goals . Joshep and massie : financial management is the operational activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operations. Thus, financial management is mainly concerned with the effective funds management in the business.

Related Questions

The difference between a company's strategy and a company's business model is that

A)a company's strategy is the plan for achieving strategic objectives while its business model is the plan for achieving financial objectives.

B)the strategy concerns how to compete successfully and the business model concerns how to operate efficiently.

C)a company's strategy is management's game plan for realizing the strategic vision whereas a company's business model is the game plan for accomplishing the business purpose or mission.

D)strategy relates broadly to a company's competitive moves and business approaches (regardless of the financial outcomes it produces) while the term business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from a profit perspective.

E)a company's strategy concerns how to please customers while its business model concerns how to please shareholders

whiterhinoceros784

What is the definition of revenue cycle management?

StewartRenee

The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Dats on sales and expenses for the past quarter follow:

Total

Dirt Bikes

Mountain Bikes

Racing Bikes

Sales	$ 928,000	$ 269,000	$ 407,000	$ 252,000
Variable manufacturing and selling expenses	467,000	120,000	195,000	152,000
Contribution margin	461,000	149,000	212,000	100,000
Fixed expenses:
Advertising, traceable	69,500	8,500	40,100	20,900
Depreciation of special equipment	42,900	20,300	7,500	15,100
Salaries of product-lime managers	115,600	40,300	38,300	37,000
Allocated common fixed expenses*	185,600	53,800	81,400	50,400
Total fixed expenses	413,600	122,900	167,300	123,400
Net operating income (loss)	$ 47,400	$ 26,100	$ 44,700	$ (23,400)