MGM101H5 Chapter Notes - Chapter 11: Chief Financial Officer, Marketing Effectiveness, Accounts Payable
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MGM101H5 Full Course Notes
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Document Summary
In large and medium sized org, both accounting and finance functions are generally controlled by a chief financial officer or a vice-president of finance: financial manager"s task. Obtain money and then control the use of that money effectively. Responsible for seeing that the company pay its bills. Responsible for finance functions such as buying merchandise on credit (accounts payable) and collecting payment from customers (accounts receivable) Undercapitalization (lacking funds to start or run a business) Inadequate expense control capital as accounts receivable and inventory grow. Is a key responsibility of the financial manager in a business. Financial planning: planning"s importance in managerial functions and planning your career, the overall objective of financial planning is to optimize the firm"s profitability and make. Establishing financial control to see how well the company is doing what it is set out to do. Ties together all of the firm"s other budgets and summarizes the business"s proposed financial activities.
