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Finance & its Importance - Finance Functions, Accountancy and Financial management Video Lecture - B Com

FAQs on Finance & its Importance - Finance Functions, Accountancy and Financial management Video Lecture - B Com

1. What are the main functions of finance?

Ans. The main functions of finance include financial planning, which involves setting goals and objectives for the organization's financial performance; financial control, which involves monitoring and evaluating the organization's financial performance; and financial decision making, which involves making investment, financing, and dividend decisions to maximize shareholder wealth.

2. What is the difference between accountancy and financial management?

Ans. Accountancy involves the recording, classifying, and reporting of financial transactions, as well as the preparation and analysis of financial statements. It focuses on the historical aspects of financial information. On the other hand, financial management involves the planning, controlling, and decision making related to the financial resources of an organization. It focuses on the future aspects of financial information and aims to maximize shareholder wealth.

3. Why is finance important in business?

Ans. Finance is important in business because it helps organizations to make informed financial decisions, allocate resources effectively, manage cash flow, and evaluate the financial performance of the organization. It also enables businesses to raise capital, invest in new projects or ventures, and manage risks effectively.

4. What are the key components of financial management?

Ans. The key components of financial management include financial planning, which involves setting financial goals and developing a financial plan to achieve them; financial control, which involves monitoring and evaluating the organization's financial performance; and financial decision making, which involves making investment, financing, and dividend decisions to maximize shareholder wealth.

5. How does financial management impact the overall success of a business?

Ans. Financial management plays a crucial role in the overall success of a business. It helps in managing the financial resources effectively, ensuring the availability of funds for day-to-day operations and long-term investments. It also helps in evaluating investment opportunities, managing cash flow, controlling costs, and maximizing profitability. Additionally, financial management helps in assessing the financial risks and making informed decisions to achieve the organization's financial goals.

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Finance & its Importance - Finance Functions, Accountancy and Financial management for B Com2024 is part of B Com preparation. The notes and questions for Finance & its Importance - Finance Functions, Accountancy and Financial management have been prepared according to the B Com exam syllabus. Information about Finance & its Importance - Finance Functions, Accountancy and Financial management covers all important topics for B Com2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Finance & its Importance - Finance Functions, Accountancy and Financial management.

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