BUSI 1600U Chapter Notes - Chapter 17: Cash Flow Statement, Unsecured Debt, Commercial Finance
Document Summary
Finance the function in a business that acquires funds for the firm and manages those funds within the firm. Financial management the job of managing a firm"s resources so it can meet its goals and objectives. A financial manager of a business is the doctor who interprets the report and makes recommendations to the patient regarding changes that will improve the patient"s health. Financial manager"s managers who make recommendations to top executives regarding strategies for improving the financial strength of a firm. Can make sound financial decisions only if they understand accounting information. Responsible for seeing that the company pays its bills. Buying merchandise on credit (accounts payable) and collecting payment from customers (accounts receivables) are responsibilities. In large and medium-sized organizations, both the accounting and the finance functions are generally under the control of a chief financial office or a vice-president or finance. The following are three of the most common ways for a firm to fail financially:
