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Managing Financial Resources Assignment (Doc)

   

Added on  2020-09-03

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MANGING FINCNCIALRESOURCES
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Table of ContentsINTRODUCTION...........................................................................................................................11.1 Explain the principles of costing and business control systems...........................................11.2 Identify information needed to manage financial resources.................................................21.3 Explain the regulatory requirements for managing financial resources................................3CONCLUSION ...............................................................................................................................4REFERENCES................................................................................................................................5.........................................................................................................................................................5
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INTRODUCTIONFinance management is the branch of management studies. It contains the knowledge andinformation related to managing the financial resources (Financial management andarrangement of finance resources, 2017). This assignment highlight the cost principle and costcontrol system used by the organisations. Essential information related to managing financialresources also explained in this context. Regularities and authorities related to finance resourcesmanagement discussed in this report. 1.1 Explain the principles of costing and business control systemsCost principle is guidelines of the basic underlying in the accounting. Cost principlesneeds that assets should be recorded at cash amount when assets is to be acquired. In costinginvolves belief and also system for identifying price of services as well as products. There aresome principles of costing which are given below as above:Costs- It refers to that amount which has to given or paid up in context to get some thing.It is a money value which has used to produce or deliver goods and services in an effectivemanner. Cost is usually in terms of money . Basically two type of costs are fund in organisationalcontext such as variable cost and fixed cost.Cost benefit analysis- CBA is a technique of analysing the benefits of cost system. It is atechnique which helps to determine the strength and weakness of alternatives cost options. Expenditure- Funds and amounts which are utilised for a specific purpose are called asexpenditure. It indicates towards the payments made for manufacturing goods and run theoperations.Budget- These are the plans which provides forecasted informations subject to allocatingresources for future operations and management. Budgets are prepared with the help of pastfinancial records and information.Cost control- This is considered as a practice to determine the cost of the resources andfind put the methods and techniques to reduce the operating and administrating expenses oforganisation. Cost centre- these are known as sections and departments on which cost would beallocated and implemented. This indicates towards those costs which are not directly incurred inbusiness operations.1
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