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Submitted by fazilah on May 25, 2007
Category: Business
Words: 437 | Pages: 2
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INTRODUCTION
1. FINANCIAL MANAGEMENT
What is financial? Financial means money. Hence corporate financial management is the management of the firm's assets and liabilities. It involves ways to obtain and use money effectively so that we are all better off.
Financial management involves several specialties, budgeting anticipated revenues and costs, accounting for receipt and disbursement of funds once the budget is enacted, purchasing goods and services, Investing idle funds, issuing short and long term debt to buy equipment and construct facilities, controlling risks from accidents, fire, theft and liability suits and after the fiscal year ends, auditing financial transactions for legal compliance and adherence to accepted accounting principle.
Why is financial management important? Proper financial planning is important for the survival of any firms be it large or small. The intensified interest in financial management reflects the fact that public managers need these skills. Knowledge of financial management enables managers to cut through the jargon that surround this specialty. Furthermore, a sound foundation in financial management allows managers to use general principles to improve the effectiveness of the organization. For example management need not necessarily know that accounting entries to debt and credit but should be aware of how the accounting system supports the budgeting process and how a properly designed chart of accounts can result in more useful management information.
2. COMPANY HISTORY AND BACKGROUND
Hotel Kayangan Sdn Bhd was a beach resort hotel located along the southeastern coast of Malaysia. It was situated about three miles from the main town and about an hour's drive from the airport. It began as 80 rooms motel and was owned by the state government
Business during the initial years of operations was good with room occupancy averaging...
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