GENERAL KNOWLEDGE

Detailed explanation-1: -Financial management is strategic planning, organising, directing, and controlling of financial undertakings in an organisation or an institute. It also includes applying management principles to the financial assets of an organisation, while also playing an important part in fiscal management.

Detailed explanation-2: -Answer: This statement is True.

Detailed explanation-3: -A financial management system is the software and processes used to manage income, expenses, and assets in an organization. In addition to supporting daily financial operations, the purpose of a financial management system is to maximize profits and ensure long-term enterprise sustainability.

Detailed explanation-4: -Financial management is an organic function of any business. Any organization needs finances to obtain physical resources, carry out the production activities and other business operations, pay compensation to the suppliers, etc.

Detailed explanation-5: -Financial accounting and financial management are two separate functions of finance where financial accounting requires reporting past financial transactions. In contrast, on the other hand, financial management requires planning for future transactions.