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ACCA FM知识点：Importance of working capital management
文章来源：ACCA全球官网
发布时间：2021-11-03 11:13
阅读：654次
营运资金管理是FM教学大纲的核心领域，也是考试的核心部分，可以通过多种形式考核。然而，必须研究整个教学大纲，而不仅仅是本文所涵盖的特定领域。
Working capital management is a core area of the syllabus and can form part,or the whole of,a 20-mark question in the exam,as well as being examined by objective test questions.It is,however,essential to study the whole syllabus and not only the specific areas covered in this article.
Importance of working capital management
Working capital represents the net current assets available for day-to-day operating activities.It is defined as current assets less current liabilities and,in exam questions,the components are usually inventory and trade receivables,trade payables and bank overdraft.
Many businesses that appear profitable are forced to cease trading due to an inability to meet short-term obligations when they fall due.Successful management of working capital is essential to remaining in business.
Working capital management requires great care due to potential interactions between its components.For example,extending the credit period offered to customers can lead to additional sales.However,the company’s cash position will fall due to the longer wait for customers to pay,potentially leading to the need for a bank overdraft.Interest on the overdraft may even exceed the profit arising from the additional sales,particularly if there is also an increase in the incidence of bad debts.
Working capital management is central to the effective management of a business because:
current assets comprise the majority of the total assets of some companies
shareholder wealth is more closely related to cash generation than accounting profits
failure to control working capital,and hence to manage liquidity,is a major cause of corporate collapse.
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