FIN-504: finance principles course is designed for individuals who are preparing for more advanced coursework in accounting and is designed for students who have not had finance in undergraduate work. Topics covered include financial analysis, financial planning, asset evaluation, capital structure, and working capital management.
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Financing is the process of collecting funds to invest to ensures proper utilization. In brief, it is the management of funds. In order for a healthcare organization to ensure the proper financing, it should follow the 6 core principles of finance to ensure the maximization of benefit. These 6 core principles of financing act as a guideline for the investment and financing decisions and include:
- The Principle of risk and return
- Time value of money principle
- Cash flow principle
- The principle of profitability and liquidity
- Principles of diversity and
- The hedging principle of finance.
What is financial analysis in healthcare?
Financial analysis involves using financial data to assess a healthcare organization’s performance and make recommendations about how it can improve going forward.
What is asset valuation?
Asset valuation is the process of determining the value of a specific property, including stocks, options, bonds, buildings, machinery, or land, that is conducted in an organization such as a health care organization. During asset valuation, assets can be categorized as either tangible or intangible assets. Tangible assets refer to an organization’s assets that have a physical form, which has been purchased by an organization to produce its products or goods or to provide the services that it offers. Examples of tangible assets in a healthcare organization include buildings, beds, and machines. Intangible assets are assets that take no physical form, but still provide a future benefit to the company. Examples of intangible assets include patents, logos, and trademarks.
What is financial planning?
Financial planning is the process of estimating the capital required and determining its competition. It involves a process of framing financial policies in relation to procurement, investment, and administration of funds of an enterprise.
Objectives of financial planning.
- Determining capital requirements. This is determined by factors like the cost of current and fixed assets, promotional expenses, and long-range planning. Additionally, capital requirements have to be looked at with both aspects: short-term and long-term requirements.
- Determining capital structure. The capital structure is the composition of capital, that is, the relative kind and proportion of capital required in the business including decisions of debt-equity ratio- both short-term and long- term.
- Framing financial policies with regards to cash control, lending, borrowings, etc.
- The healthcare organization should have a finance manager who ensures that the scarce financial resources are maximally utilized in the best possible manner at the least cost in order to get maximum returns on investment.
What are the benefits of financial planning?
- Financial Planning maintains stability of healthcare organizations. This is achieved by maintaining a reasonable balance between outflow and inflow of funds so that
- It helps in making growth and expansion programmes which helps in long-run survival of the healthcare organization.
- Financial planning reduces uncertainties with regards to changing market trends which can be faced easily through enough funds.
- Financial planning helps in reducing the uncertainties which can be a hindrance to growth of the healthcare organization. This helps in ensuring stability and profitability in the future.