All business organisations work in an ever-changing dynamic environment. Any new programme of the organisation or of its competitor will affect the business. financial management serves as an effective tool for measuring the financial pulse rate of the company. It is a continuous cycle of measurement of results and reporting of results to decisionmakers.
Just like arithmetic is a procedural element of mathematics, book keeping is the procedural element of accounting. Figure 1 shows how an accounting system operates in business and how the flow of information occurs.
Requirements for knowledge, skills and qualifications of masters of science. Master:
- the student should have an idea: about business organization, financial management, financial strategies in enterprises, financial management and development of organization;
- must know and be able to use: financial development of the enterprise - the basics of financial management, financial markets, cost calculations, financial accounting, corporate accounting
- have skills (own skills): budgeting and variance analysis, capital budgeting, management, corporate financial management.