100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Solution Manual for Financial Management for Public Health, and Not-for-Profit Organizations 7th Edition by Finkler, Calabrese & Smith Verified Chapters 1 - 15, Complete$12.99
Add to cart
Solution Manual for Financial Management for Public Health, and Not-for-Profit Organizations 7th Edition by Finkler, Calabrese & Smith Verified Chapters 1 - 15, Complete
21 views 1 purchase
Course
Finkler, Financial Management, 7th Edition
Institution
Finkler, Financial Management, 7th Edition
Solution Manual for Financial Management for Public Health, and Not-for-Profit Organizations 7th Edition by Finkler, Calabrese & Smith Verified Chapters 1 - 15, Complete
Instructor’s Manual for Financial Management for Public, Health, and Not-for-Profit
m m m m m m m m m
mOrganizations1,
SOLUTIONS MANUAL for Financial Management for
m m m m m
Public Health, and Not-for-Profit Organizations 7th
m m m m m m
Edition by Steven Finkler, Thad Calabrese, (Complete 15
m m m m m m m m
Chapters)
m
,Chapter 3: Additional Budgeting
m m m 3-2
mConcepts
INTRODUCTION
Chapter 1 m
TO m
FINANCIAL
MANAGEMENT
m
Questions for Discussionm m
1-1. Financial management is the subset of management that focuses on generating financial
m m m m m m m m m m m m
information that can improve decisions. The decisions are oriented toward achieving the
m m m m m m m m m m m m
various goals of the organization while maintaining a satisfactory financial situation.
m m m m m m m m m m m
Financial management encompassesthe broad areas of accounting and finance.
m m m m m m m m m m
1-2. In proprietary, or for-profit, organizations, an underlying goal is to maximize the wealth of
m m m m m m m m m m m m m m
the owners of the organization.
m m m m m
1-3. In public service organizations, decisions are oriented toward achieving the various goals
m m m m m m m m m m m m
of the organization while maintaining a satisfactory financial situation.
m m m m m m m m m
1-4. Accounting is a system for keeping track of the financial status of an organization and the
m m m m m m m m m m m m m m m m
financial results of its activities. It has often been referred to as the language of
m m m m m m m m m m m m m m m
business. The vocabulary used by accounting is the language of nonbusiness
m m m m m m m m m m m
organizations as well.
m m m
, Instructor’s Manual for Financial Management for Public, Health, and Not-for-Profit
m m m m m m m m m
mOrganizations1,
1-5. Accounting is subdivided into two major areas: managerial accounting and financial
m m m m m m m m m m m
accounting. Managerial accounting relates to generating any financial information that
m m m m m m m m m m
m managers can use to improve the future results of the organization. This includes
m m m m m m m m m m m m
m techniques designed to generate any financial data that might help managers make more
m m m m m m m m m m m m
effective decisions. Major aspects of managerial accounting relate to making financial plans
m m m m m m m m m m m m
for the organization, implementing those plans, and then working to ensure that the plans
m m m m m m m m m m m m m m
m are achieved. Some examples of managerial accounting include preparing annual
m m m m m m m m m
m operating budgets, generating information for use in making major investment decisions,
m m m m m m m m m m
m and providing the data needed to decide whether to buy or lease a major piece of
m m m m m m m m m m m m m m m
m equipment. Financial accounting provides retrospective information. As events that have
m m m m m m m m m
m financial implications occur they are recorded by the financial accounting system. From
m m m m m m m m m m m
time to time (usually monthly, quarterly, or annually), the recorded data are summarized
m m m m m m m m m m m m m
m and reported to interested users. The users include both internal managers and people
m m m m m m m m m m m m
m outside the organization. Those outsiders include those who have lent or might lend
m m m m m m m m m m m m
m money to the organization (creditors), those who might sell things to the organization
m m m m m m m m m m m m
m (called suppliers or vendors), and other interested parties. These interested parties may
m m m m m m m m m m m
include those with a particular interest in public service organizations, such as regulators,
m m m m m m m m m m m m m
m legislators, and citizens. Financial reports provide information on the financial status of
m m m m m m m m m m m
m the organization at a specific point in time, as well as reporting the past results of the
m m m m m m m m m m m m m m m m
organization‘s operations (i.e., how well it has done from a financial viewpoint).
m m m m m m m m m m m m
, Chapter 3: Additional Budgeting
m m m 3-4
mConcepts
1-6. Finance focuses on the alternative sources and uses of the organization‘s financial
m m m m m m m m m m m m
m resources. Obtaining funds when needed from appropriate sources and the deployment
m m m m m m m m m m
m of resources within the organization fall under this heading. In addition, finance involves
m m m m m m m m m m m m
m the financial markets (such as stock and bond markets) that provide a means to
m m m m m m m m m m m m m
m generating funds for organizations.
m m m
1-7. Yes. Achieving the goals of the organization requires financial planning. Financial
m m m m m m m m m m m
m management provides information for managers to use in making their decisions. It
m m m m m m m m m m m
m helps managers by providing information on the likely financial impact of each proposed
m m m m m m m m m m m m
m alternative. It also provides information about financial stability, efficiency, and
m m m m m m m m m
m effectiveness.
1-8. Clearly, we might expect some public service organizations that are proprietary, such as
m m m m m m m m m m m m m
m some hospitals, to earn profits. But what about other public service organizations such
m m m m m m m m m m m m
m as charities? They should make a profit as well. Profits provide a safety margin against
m m m m m m m m m m m m m m
m unexpected costs, provide resources to replace buildings and equipment, and to expand
m m m m m m m m m m m
m and improve services.
m m
1-9. Federal government (see text Figure 1-1)
m m m m m m
Individual income taxes m m
Social insurance taxes
m m
Corporate income tax m m
State and local government (see text Figure 1-4)
m m m m m m m
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Prose1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
