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Define Modern Approach of financial management
Modern approach views the term financial management in a broad sense and provides a conceptual and analytical framework for financial making. According to it, finance function covers both acquisition of funds as well as their allocations. Therefore, apart from the issues involved in acquiring-external funds, main concern of financial management is the efficient and wise allocation of funds to different uses. Defined in a broad sense, it's viewed as an integral part of overall management.
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