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Financial Management for non-financial managers notes

Institution: University

Course: Bsc. Social work and community Development

Content Category: Lecture Notes

Posted By: PENTAMRK

Document Type: PDF

Number of Pages: 132

Price: KES 100
 
    

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Summary

TOPIC ONE
INTRODUCTION TO FINANCIAL MANAGEMENT
This topic will look at:
(i) The meaning of finance
(ii) The meaning of financial management
(iii)Importance of finance
(iv) Scope of finance

1.0 What is finance?
I am very sure that it?s not your first time to hear the word finance. So what does it mean? Finance as noted by Mudida R. and Ngene (2010), is the study of how individuals, institutions, governments and businesses acquire, spend and manage money and other financial assets.
Finance is not an independent discipline as it has borrowed a lot from economics and accounting.
This now lead as to another question which must be answered before proceeding.

What is the meaning of accounting and economics?
Economics is a subject that deals with how man satisfies his wants using scarce resources. It uses a supply and demand framework to explain how the prices and quantities of goods and services are determined in a free market economies system.
On the other hand, accounting is the language of business. It provides the record-keeping mechanism for showing ownership of the financial instrument used in the flow of financial funds, between savers and borrowers. Accountant also record revenues, expenses and profitability of organization that produces and exchange goods and services.
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