CHAPTER 15:

THE ESSENTIALS
OF CONTROL

Group 3

Master in Management Major in Public 1

2/1/20XX
Administration
Agenda

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Topic four

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 Introduction

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Topic one
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Table

C a te g o r y 1 C a te g o r y 2 C a te g o r y 3 C a te g o r y 4

Item 1 4.5 2.3 1.7 5

Item 2 3.2 5.1 4.4 3

Item 3 2.1 1.7 2.5 2.8

Item 4 4.5 2.2 1.7 7

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THE WAY TO
GET STARTED
IS TO QUIT
TALKING AND
BEGIN
DOING.
Walt Disney

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Financial Control – involves the management of a fi rm’s costs and
expenses to control them in relation to budgeted amounts.

Financial Controls are key element of organizational success and

survival.

Three Basic Financial Reports or “Financials”:

• Balance Sheet

• Income /Profi t and Loss (P&L) statement,

• Cash Flow Statement

Financial Controls Group 3 10

Budgeting – refers to the simple listing of all planned expenses and
revenues

Balance Sheet – is a snapshot of Assets – what the business owns.

the business’ fi nancial position at a Liabilities – what the business
certain point in time. It is a fi nancial owes.
statement that reports a company’s
Assets – liabiliti es = owner's equity
assets, liabilities and
shareholders’ equity at a specifi c It is called a balance sheet because, at
point in time, and provides a basis any given moment, each side of this
for computing rates of return and equati on must 'balance' out.
evaluating its capital structure.

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 Subcategories of Assets:

 Current Assets – are

assets that are cash or
can be readily converted
to cash in the short
term, such as accounts
receivable or inventory.
This are assets your
business plans to keep
for a short period of
time, often less than 12
months.

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Subcategories of Assets:

 Fixed Assets – are assets

that are not easily
converted into cash in the
short term., these are
assets that only change
over the long term.

 Intangible Assets – are

assets that you can’t
touch. These are goodwill,
trademarks, patents,
licenses, copyrights,
formulas, and franchises.

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 Subcategories of
Liabilities:

 Current Liabilities – are

those coming due in the short
term, usually the coming year.

 Long Term Debt – or

liabilities, may be bank notes
or loans made to purchase the
business’s fi xed asset structure

 Owner’s Equity - Owner ’s

equity refers to the amount of
money the owner has invested
in the fi rm

Financial Controls Group 3 14

 The Income Profi t and Loss Statement (P&L)
- shows the relation of income and expenses for a specifi c time interval

 Sales /Revenue – The sales or revenue

portion of the income statement is where
the retail price of the product is
expressed in terms of dollars times the
number of units sold.

 Cost of Goods Sold /Cost of Sales –

The cost of goods sold /sales portion of
the income statement shows the cost of
products purchased for resale, or the
direct labor cost (service person wages)
for service businesses.

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 The Income Profi t and Loss
Statement (P&L)
 Gross Profi t – The gross profi t portion of
the income /P&L statement tells the
diff erence between what you sold the
product or service for and what the
product or service cost you

 Operating Expenses – The operating

expense section of the income /P&L
statement is a measurement of all the
operating expenses of the business.

 Net Income – This is the measure of a

fi rm’s ability to operate at a profi t. Many
factors aff ect the outcome of the bottom
line

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 Cash Flow Statement
year.

- It is the detail of cash received and

cash expended for each month of the

- It is composed of :
 beginning cash on hand
 cash receipts/deposits for the
month
 cash paid out for the month
 ending cash position

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 Summary
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THANK YOU

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