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Fundamental concepts and techniques in accounting and finance Essay

Category: Finance & Accounting Pages: 7 Type: Essay Level: Undergraduate
t change the fundamental theories of corporate financial management, but it does have a substantial impact on corporate financial practice and domestic financial markets.
The only thing certain about the future is that finance and industry will continue to change, offering new challenges and opportunities to financial managers. The importance of competent financial management to the success and even survival of the modern business organization cannot be overemphasized. It is no accident that presidents and board chairpersons of large, successful corporations increasingly rise to their positions by coming up the "finance side of the house" (Kaplan, 1989). In smaller business, experience has shown that the early survival of a new business and prosperity in its developing stages is strongly dependent on effective financial planning and control. The most common reason cited for the high failure rate experienced by new ventures is lack of financial expertise. Similarly, financial administration is receiving increased attention by governmental units at all levels. Financial management in all types of nonprofit corporations and organizations is also benefiting from increased attention. Competent financial planning and management are critical components of success in any organization that brings people together to achieve a common goal.
The impact of inflation and high interest rates has focused increased attention on the financial implications of nearly all business decisions. Knowledge of financial management principles and techniques has become even more important during our current era of economic uncertainty. Functional specialists in such diverse areas as marketing, production, and human resources management have environment in which the firm operates. A