Reference no: EM132942383

Answer each question in as much detail as possible, considering your organisational requirements for each one.

1. Why is examining previous financial data important for managing current and future finances?

2. Why might you need to understand the reasons for profit and loss?

3. Give examples of your business' or industry's critical dates and describe how they can be used to increase profit.

4. Why might you need to analyse cash flow trends?

5. Why do you need to be aware of your tax liabilities?

6. What are some of the questions you should ask yourself to ensure that your financial management software is suitable for your business?

7. Why do you need to consider previous financial data when managing resource allocation?

8. Why do you need to estimate the costs of potential new items?

9. Why do you need to prepare budgets in line with organisational policies?

10. Why do managers need to be clear about the budget?

11. Give several examples of how a company's funds might be misappropriated and detail how this could be detrimental to the company.

12. Why are ageing summaries useful?