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Financial Management Nature and Scope.

Financial Management Nature and Scope.

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Published by Kane
Financial Management Nature And Scope Details of topic
Financial Management Nature And Scope Details of topic

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Published by: Kane on Dec 25, 2009
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02/08/2014

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 Nature of Financial Management
 Introduction:
The term ‘nature’ as applied tofinancial management refers to its relationshipwith the closely- related fields of economicsand accounting, its functions and scope.The objective of this chapter is todescribe the evolving functions and scope of financial management. 
 
 
Definitions of the Financial Management
Different authors have given different definitions of thefinancial management which are as follows:
1)
The ways and means of managing money.This statement can be further expanded to define F.M.the determination, acquisition, allocation and utilisationof the financial resources with the aim of achieving thegoals and objectives of the orgnisation.
1)
According to Archer and Ambrosia:“Financial management is the application of the planningand control functions to the finance functions”.
 
 
Scope of the financial management
To understand the scope of the financial management,we must examine the traditional as well as the modernapproach of the financial management.
The traditional approach to the financial managementis restricted to raising to funds from various sourcesand completion of the legal formalities required to dothe same.
The modern approach to the financial managementsays that there are three important functions which areexpected to be performed by the financialmanagement.

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