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Essay example - Managing Financial Resources and Decisions: Self-Evaluation
Finance & Accounting
Pages 15 (3765 words)
Self-Evaluation I learnt a number of practical aspects of businesses and also faced some challenges. First, I learnt how to make and maintain a cash budget in a real business scenario. Here, the most important aspect was the month end balances and their subsequent conversion into the opening balances of the subsequent months…
Extract of sample
In my scenario, I used First In, First Out (FIFO) method due to its relevancy in the industry. And, a number of small companies in the bakery and confectionery industry prefer to avail this method. In addition to that, I found the significance of the cash budget for a small business as well. For example, if a small business owner does not maintain a cash budget, he or she would not be in a position to know how much cash is remaining and how much it is going to be expensed. Moreover, I also gained an access to the notion that it is development of a cash budget that enables the owner to make economic decisions and at the same time control and manage its expenses by maintaining a balance between the cash inflows and outflows.
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