Finance As The Science And Art Of Managing Money - 1518 Words

Cherix Leung BUS202 Anna Kwong Reflective Paper Chapter 1 – Introduction to Finance In the book Managerial Finance, it defines finance as the science and art of managing money. Whether we are dealing with finance on the personal or business perspective, the general ideas behind them are inseparable, equally serious and important. Individuals make plenty of decisions, short-term and long-term plans based on their monthly income and expenses, which it is going to directly affect how they are going to manage their savings and investment. People who have not been educated in finance tend to have a misunderstanding about the duties of an accountant and a financial manager. An Accountant spends most of their time collecting, inspecting and entering financial data and records in order to accurately prepare the four key financial statements for the organization, which is the balance sheet, income statement, statement of retained earnings, and statement of cash flows. On the other hand, a financial manager’s duties are to est ablish a financial and budgeting plan for the company, raise and invest money to ensure the organization operate smoothly, safely and successfully. Financial managers are the decision maker for the financial aspect of a firm. One of the very first yet significant decision firm’s owner has to deal with is the legal form of organization. Sole proprietorships, partnerships as well as corporation are the three most common legal forms of business organization. EachShow MoreRelatedThe Budget And The Mission Of The School975 Words   |  4 Pagesthe department heads head request what they need for their teachers to help meet the needs of all the students. In this way the budget should balance out between all of the different departments. The finance director said with zero based budgeting; the funding is more likely to be equitable. The finance department tells the department heads to let them know what they need to fulfill the mission of the school. The whole budget is designed to make sure funds are available to complete the mission andRead MorePatton Fuller Essay880 Words   |  4 PagesPatton-fuller community hospital case study Abstract Finance, understanding how it affects the smallest business to the largest organization, is the origin to financial success in businesses. According to Gitman (2006), finance is the art and science of managing money. Virtually every individual business and large organization, Be the organization for profit or non-profit, depends on the rates at which these entities earn, or raise money, and the rate at which they spend or invest these earnedRead MoreWhat Makes a Good Manager978 Words   |  4 PagesIntroduction: The Merriam Webmaster online dictionary (2010) defines management as: â€Å"The act or art managing: the conducting or supervising of something (as a business)†. 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Knowing the important functions and goals of financial management can help organization thrive because their leadership and department managers understand the issues thatRead Moreintermediate accounting 2 test bank Essay8318 Words   |  34 PagesAdolescence Steinberg 8 Advanced Accounting Beams 10 Advanced Accounting Beams 9 Advanced Accounting Bline 2004 Advanced Accounting Fischer 10 Advanced Accounting Hoyle 10 Advanced Accounting Hoyle 9 Advanced Accounting Jeter 3 Advanced Corporate Finance Ogden 1 Advanced Financial Accounting Baker 7 Advanced Financial Accounting Baker 8 Adventures in the Human Spirit Bishop 5 Advertising Morirty 8 Advertising and Integrated Brand Promotion OGuinn 5 Advertising and Promotion An Integrated MarketingRead More Louis XIV, France’s Sun King Essay1233 Words   |  5 Pagesgovernment. He epitomized the ideal of kingship. During his reign France stabilized and became one of the strongest powers in Europe. 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