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《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 6 Working Capital Finance
Paper F9 Financial Management Accounting School Chapter 6 Working capital finance Topic list The management of cash Cash flow forecasts Treasury management Cash management models Investing surplus cash Working capital funding strategies Exam guide The material covered in this chapter is highly examinable. Any of the calculation could form part or all of a question and you need to also be able to explain the meaning of your answers. 1 The management of cash The term Cash may be defined as currency held by the firm plus the firm’s demand deposits Cash, which can be broadly defined as encompassing near-cash such as marketable securities and unused short-term borrowing capacity, may be held for various reason Marketable securities are defined as short-term, highly liquid, interest-bearing financial assets, such as Treasury bills or high-grade commercial paper 1.1 Why organization hold cash (Motives for holding cash) Transaction motive – to meet current transactions (paying its A/P, employees’ wages, tax; dividend) Precautionary motive – this means that there is a need to maintain a ‘buffer’ of cash for unforeseen contingencies. The more predictable the inflows and outflows of cash for a firm, the less cash that needs to be held for precautionary motive need. Ready borrowing power (overdrafts) Speculative motive – take advantage of special situations (sale price on raw material – buy more now) 1.1 Why organization hold cash (Motives for holding cash) Cash management involves: determining the cash balances that will adequately sustain the firm’s operation efficient payment and collection investing temporary surplus funds in liquid assets. objectives: reduce the opportunity cost of holding idle cash (invest in ST marketable securities) ensure all obligations are paid on time/due date (not early) collect money owed as soon as it becomes due The cash Management Activity Flow of funds 1.1 Why organization hold cash liquidity v profitability Profitability vari
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