BAC 203: Introduction to Finance Notes

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Brief Overview:
LESSON 1

THE SCOPE AND NATURE OF FINANCE

DEFINITION OF FINANCE
This is how best to provide money for the use to an enterprise or individuals as and when needed. In other words finance is the process by which a financial manager/accountant provide finance for business use as and when it is needed. This provision is usually undertaken after the needs of the company (or business) or individual have been analyzed. The study of finance includes such emerging fields as financial markets and institutions, financial management and investments.

Financial markets result from the basis of individuals, governments and businesses need for funds in excess of their own resources and the desire to put excess or idle financial resources to more productive use. The financial market includes stock exchange and other electronic market dealing with bonds, banker’s acceptances, currencies and other financial instrument.

The growth of financial markets stimulates the growth of financial institutions. This has a further need of regulating the institutions and the market for better performance. The financial institutions include depository institutions, non-depository institutions and other financial service institutions.

The regulatory of the financial institutions come from many sources, which include government, government agencies and other regulatory bodies such as Central Bank. The degree and magnitude of the control differs from country to country.

As noted earlier, the main function of finance is to acquire funds and determination of the use of such funds. Financial management deals with the development of planning tools, forecasting tools, decision making tools, (asset selection) and the acquisition of funds or resources. This means, financial management deals with everything which influences performance and survival of a firm or business enterprise.

The third sub-division of finance is investment, which is the process involving evaluation of investment opportunities, selection of portfolio of assets and management of the portfolio. The main objective of investment is to maintain or improve the growth in wealth. This deals with the decisions of three classes of market participants namely: -
- Individuals, who wish to accumulate wealth for use in future, may be during retirement.
- Government financial managers who intend to increase net assets of the government funds and other government agencies.
- Corporate financial managers who want to maximize the market value of their corporations.

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