Mr. Rakesh holds the designation of …

Mr. Rakesh holds the designation of finance manager in “Glory Shines Trading Limited”. Last year, performance of this department was as per the expectation. Currently, he is busy in preparing financial blue print of the next five years. To begin with he tried to forecast the sales in the next five years. It is so because it is the sales on which depends the need for fixed and working capital. Thus an estimate was made with regard to both these items. Similarly, he collected data in respect of possible profits in the coming years. In this way, one can know how much of capital will be available from within the business. The rest of the funds will be arranged from outside the business. He is also thinking about the sources of finance to be tapped outside the business. (i) Identify the financial concept as referred to in the above paragraph. (ii) State any two points of importance of the financial concept, so identified.

Management is the life giving element in every business without it the resources of production remain resources and shall never become production comment.

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