ARBUS101 Lecture Notes - Lecture 9: Inventory Turnover, Bank Reconciliation, Cash Flow
4 Apr 2017
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Topics for discussion: the role and responsibility of financial managers, the financial planning process and three key budgets, why firms need operating funds, sources of short-term financing, sources of long-term financing. In the news: national strategy for financial. Financial management: managing resources to meet goals or objectives. * minimize cash on hand or access to cash. Segregation of duties: split up the duties in the company so it"s not in the hands of one person. Bank reconciliation: to make sure what goes in the bank actually does. The most common ways for firms to fail financially: under-capitalization: not have sufficient funds to start, poor control over cash flow. It"s my money: describes some of the differences between financial management at a private vs public company. http://canmedia. mheducation. ca/college/olcsupport/nickels/8e/videos/vidplayer. php? vid=mhr17. More control over business and financial decisions. Less control over business and financial decisions since stakeholder interests need to be considered. (figure 17. 2)
