Write 600+ words on the following
Write a critical evaluation of your learning outcome. In your response, consider:
1. Consider the content of this class as they relate to financial acuity and managerial decision making.
2. Base on the course content, discuss the new skills you acquired from this class?
3. How would you apply your new knowledge of your current and/or future profession?
Read all the 7 articles and answer it
1)
FINANCIAL ACUMEN
The 21st Financial systems have been growing with a very high speed, sophistication, and it continues to become a more complex day in day out. Financial understanding, in this case, becomes very important. Financial acumen is the ability to make quick, accurate decisions, thus helping manage organizations’ finances. According to the article “3 financial Acumen skills, You don’t want to ignore”, the article state that it is very critical to strengthening financial understanding through the use of professional courses in today’s economy. The author states that financial acumen can be structured into three major pillars. “The pillars are; financial skills, business quality skills, and global skills” (Amanet, 2019). Financial skills involves fortifying important financial literacy concepts On the other hand, business quality skills are gained by sharpening the ability to work efficiently through managing costs and resources, understanding technological trends, and focusing o process quality, among others. And lastly, global skill involves analyzing the entire market from local, global to the international market to build a sound corporate responsibility strategy.
In another article, “The importance of Business Acumen and human resource marriage,” the author says that any business, whether large or small, must incorporate marriage of effective human resource practices and a strategic business acumen action plan. When HR leaders lack the overall business sense, they will normally struggle (Sexton, 2016).). It is required that a HR professional clearly understands how the business works and what their goals are. The goals must be based on a strong understanding of the market place and technical skills. According to the article, implementing effective business acumen pan and HR helps in building a well-rounded plan. Therefore, a person must understand how profits are generated, what makes a company profitable, which creates growth for a company, and why customers will buy from the company and not the competitors. The articles summarize that business leaders should have a clear market perspective, financial acumen, and business system thinking. Human capital should be armed with a sharp sense of business acumen for the success of the company.
Another article, “Linking Financial Acumen to Business Performance,” elaborates on how financial acumen is pegged on various factors. Some of the factors that have been highlighted as being the most important include the experience gained in the work process, and the other one is continuous learning (Vorbach, 2017). There is a very positive association that exists between financial literacy and financial outcomes. Therefore, this means that, or an organization to become successful, the employees must be well trained and have the required skills t understand what it means for an organization to make a profit.
In a nutshell, financial acuity is a very important aspect in any organization, is it big or small. Every organization must employ financial acumen for it to e successful as it will help employees make sound decisions in their places of work. Financial acuity helps an individual to understand how to make a profit through being able to make the right decisions.
Part 2
SARBANES-OXLEY (SOX)
“The Sarbanes –Oxley Act of 2002 was developed; as a result o financial scandals in the early year 2000s involving publicly traded companies like Enron Corporation and WorldCom” (Al-kake, & Ahmed, 2019). The confidence of the investors was shaken by these frauds which led to many people demanding revamping the regulatory standards. Therefore, the Act would create firm rules for all corporate officers and auditors and imposed more stringent requirements for recordkeeping requirements. The Act contains sweeping measures dealing with financial reporting, conflict of interests, corporate ethics and oversight of the accounting profession, and civil and criminal penalties. The sections below were added.
· 302 contain the responsibilities of corporations to financial reports.
· 401covers periodic reports disclosures
· 404 contains internal controls management assessment
· 409 covers real-time issuer disclosures
· 802 covers penalties for altering documents
· 806 cover protecting for publicly-traded company employees who give fraud evidence
· 902 covers fraud attempts and conspiracies offenses
· 906 covers the corporate financial responsibility
Companies must comply with this Act. The PCAOB has an authority responsible for carrying out investigations and disciplining public accounting companies and people connected with those firms for non-compliance. When violations are found, PCAO can impose appropriate sanctions.
References
Amanet.org. (2019). 3 financial Acumen skills,You don’t want to ignore. Retrieved from: https://playbook.amanet.org/3-financial-acumen-skills-you-dont-want-to-ignore/
Sexton, A. (2016). The importance of Business Acumen and human resource marriage. Retrieved from: https://www.corporatetraining.ie/business-acumen-training/
Vorbach, P. (2017). Linking Financial Acumen to Business Performance; Retrieved from: https://www.academyglobal.com/linking-financial-acumen-to-business-performance/#:~:text=%20Linking%20Financial%20Acumen%20to%20Business%20Performance%20,figures%20against%20the%20current%20budget.%20Are…%20More%20
Al-kake, F. A. K., & Ahmed, D. M. (2019). The Role Of The Sarbanes-Oxley Act (Sox) In Reducing Agency Costs Exploratory Study Of A Sample Of Auditors In The Kurdistan Region Of Iraq. Qalaai Zanist Journal, 4(2), 637-673.:Retrieved from: http://journal.lfu.edu.krd/ojs/index.php/QZJ/article/view/110
2)
Introduction
In this paper, we will be discussing the importance of cash, how it is generated and how it is analyzed and how all this mix up and related to each other to make a firm or a business run smoothly and efficiently without struggling in any way.
Importance of Cash
Cash flow is the backbone of any business, without this, any business will be paralyzed. A business cannot be said to be functioning well if there is no cash flow in it. This cash comes from the incomes gained from sales, loans, investments from outside the business e.g. investors or savings. Cash is also an essential part of a business since it is from it that the business pays its expenses. In a nutshell cash flow is the amount of money coming in or going out of business. Cash generation has been of immense importance in my previous employment. It has helped the business function at its best since the business fulfills all its tasks and paying off its bills at the right time e.g. paying rent, electrical bills, paying workers, etc.
How is cash generation different from the concept of profit and loss (P&L) in accounting?
Profit and loss are a financial statement that shortens the revenue, cost and expenditure got over a certain period of time usually in the quarter part of the year that is after every 4 months. Profit and loss are also equal to income statements (Kent & Bu, 2020). This statement is used to judge a firm’s ability or inability to bring forth profit. It is used to look at the company’s financial ability. So, while the profit and loss concept in accounting focuses more on the business ability or inability to run itself cash generation is a concept that explains the whole system of a business (Afrifa & Tingbani, 2018). It tries to explain how the business gets its fund, that t is the sources, and the way that the business spends the same I different sectors of the same firm and hence helping it run smoothly.
References
Afrifa, G. A., & Tingbani, I. (2018). Working capital management, cash flow and SMEs’ performance. International Journal of Banking, Accounting and Finance, 9(1), 19-43. Retrieved from: https://www.inderscienceonline.com/doi/abs/10.1504/IJBAAF.2018.089421 https://doi.org/10.1111/acfi.12382
Kent, R. A., & Bu, D. (2020). The importance of cash flow disclosure and cost of capital. Accounting & Finance, 60, 877-908. Retrieved from:
PART 2: APPLICATION OF CONCEPTS/FINANCIAL ANALYSIS
Why financial analysis is important in the overall understanding of financial performance in a firm.
Financial analysis is the process of restructuring the given financial document, analyzing it, and changing the errors that are there (Murphy, 2018). This process helps an individual in identifying how cash is used and also in the process of dividing the expenditure to core/normal earnings and transitory earnings. By dividing this information, it will be easy to predict the normal earnings since they are core which means they reoccur every time money is spent compared to the transitory earnings which only occur once in a while (Bunnell, Osei-Bryson & Yoon, 2020). By dividing this simple analysis of business earnings and spending it will be able to help people know the financial performance of the business, these people include directors, investors, and even shareholders by evaluating the normal earnings and the transitory ones and making a judgment basing it on the information on the financial analysis.
It is also important to note that financial analysis has two dimensions in which people who want to come into the business Mato kea judgment and know the financial performance of the business.
RISK ANALYSIS
Analysis of risk detects any underlying debt risk on the firm it does consist of liquidity (cash) and solvency analysis. Liquidity helps in determining if the firm can meet its day to day expenses while going on with its activities using the money that they have. This helps in knowing if the firm has enough cash or not.
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Our essay writers are graduates with diplomas, bachelor’s, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college diploma. When assigning your order, we match the paper subject with the area of specialization of the writer.
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Subject-relevant academic writer
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Get superb grades consistently
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You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
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Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
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