1. Which of the four elements of financial management do you think are the most important and why do you consider it to be so?
2. In the event of an emergency at home, which hospital would you choose to go to? Which of the types of organizations described by the authors, on page 6 of the text, is your hospital? You may need to check the hospitals web site to figure it out.
3. What is the "Chart of Accounts" and why is it important?
Four Elements of Financial Management:
Planning: Management need to ensure that funding is available at the right time to meet business need.
Controlling: It is an important activity which tracks that the business is meeting its objective or not.
Organizing and directing: In which management decide how to use the available resources to most effectively execute the planning.
Decision-making: Make the right decisions by the management among all available alternatives.
As per my knowledge the planning phase of financial management is important because it helps to determine the short and long term financial goals. There are so many reasons that shows planning are important for financial management.
Note: Put another questions in another thread.
1. Which of the four elements of financial management do you think are the most important...
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