10 Questions
Explain the role of financial management in a laboratory setting.
Financial management in a laboratory setting involves planning, organizing, directing, and controlling the financial activities, such as procurement and utilization of funds, to accomplish the objectives of the organization. It is the specialized function directly associated with the top management.
What is the importance of budgeting in financial management?
Budgeting is essential in financial management as it involves planning for typical and atypical expenses and helps in the process of deciding to make a particular purchase. It is the most prominent document generated by cost accounting.
What does cost accounting provide to the manager in the budgeting process?
Cost accounting provides the manager with information to operate the business, also known as 'Managerial accounting.' Its emphasis is on analyzing the budgeting process of accounting.
Define financial management.
Financial management refers to the efficient and effective management of money (funds) to accomplish the objectives of the organization. It involves planning, organizing, directing, and controlling the financial activities.
How does the profit and loss account indicate laboratory performance?
The profit and loss account indicates laboratory performance by showing how the laboratory has spent its capital, providing insights into its financial performance.
Financial Management – Means planning organizing, directing and controlling the financial activities such: ______ procurement and utilization of funds. Financial Management – Refers to the efficient and effective management of money(funds).
as
______ing is the area of financial management that involves planning for typical and atypical expenses. It is the process of deciding to make a particular purchase. ______ The most prominent document generated by cost accounting Cost Accounting - - The budgeting process of accounting provides the manager with information to operate the business Also known as “Managerial accounting” - its emphasis on analyzin.
Budget
FINANCIAL MANAGEMENT Laboratory Financial Management To develop profit and loss account - Which indicate laboratory performance indicate ______ Financial Management Means planning organizing, directing and controlling the financial activities such: as procurement and utilization of funds.
how laboratory has spend it’s capital
Importance of Financial Management Budgeting is the area of financial management that involves planning for ______. It is the process of deciding to make a particular purchase. Budget The most prominent document generated by cost accounting Cost Accounting - - The budgeting process of accounting provides the manager with information to operate the business Also known as “Managerial accounting” - its emphasis on analyzin.
typical and atypical expenses
Also known as “______” - its emphasis on analyzin.
Managerial accounting
Test your knowledge of financial management in laboratory settings by taking this quiz. Learn how to develop profit and loss accounts, track capital spending, and understand the principles of planning, organizing, directing, and controlling financial activities.
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