State with reasons, whether the following statements are True or False

1.	State with reasons, whether the following statements are True or False:Financial management is essential for all types of organizations.
Answer» This statement is TRUE. Reasons: All types of organizations, whether profit making or non‐profit making, need financial management as it plays a crucial role in making effective and optimum use of financial resources. These organizations require funds for their development and expansion. Financial management refers to management of funds and is mainly concerned with raising of finance and its effective utilization. It also deals with planning, organizing, directing, co‐ordinating and controlling financial activities. Financial management helps in maximizing profit of the company which results in maximization of the owners’ wealth. Hence, financial management is essential for all types of organizations.

State with reasons, whether the following statements are True or False:Financial management is essential for all types of organizations.

Answer»

This statement is TRUE.

Reasons:

All types of organizations, whether profit making or non‐profit making, need financial management as it plays a crucial role in making effective and optimum use of financial resources.
These organizations require funds for their development and expansion.
Financial management refers to management of funds and is mainly concerned with raising of finance and its effective utilization.
It also deals with planning, organizing, directing, co‐ordinating and controlling financial activities.
Financial management helps in maximizing profit of the company which results in maximization of the owners’ wealth.

Hence, financial management is essential for all types of organizations.

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State with reasons, whether the following statements are True or False:Financial management is essential for all types of organizations.

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