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Questions and Answers
What are the key functions of Financial Management in a company and how are they operated?
The key functions of Financial Management in a company include financial planning, budgeting, cash flow management, risk management, and financial reporting. Each function is operated through strategic planning, analysis of financial data, forecasting, monitoring financial performance, and compliance with regulations and accounting standards.
Provide a practical example of how a company implements financial planning in its operations.
A practical example of financial planning in a company could be the development of a detailed budget for the upcoming fiscal year, including revenue projections, expense allocations, and investment plans. This could involve analyzing historical financial data, market trends, and business objectives to create a comprehensive financial plan.
What are the key practical issues faced by Financial Managers/Chief Financial Officers in a company, and what recommendations can be suggested to address these issues?
Key practical issues faced by Financial Managers/Chief Financial Officers in a company may include managing cash flow, mitigating financial risks, ensuring compliance with regulations, and making strategic financial decisions. Recommendations to address these issues could involve implementing robust financial controls, conducting regular risk assessments, staying updated on regulatory changes, and collaborating with other departments to align financial strategies with overall business goals.
