Asset Management

Asset management, broadly defined, refers to any system that monitors and maintains things of value to an entity or group. It may apply to both tangible assets such as buildings and to intangible concepts such as intellectual property and goodwill. Asset management is a systematic process of operating, maintaining, upgrading, and disposing of assets cost-effectively.

 

Source: Wikipedia

Banking

bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank links together customers that have capital deficits and customers with capital surpluses.

There are 3 main types of banking:

1. Central Bank (responsibles for managing public money circulating in the economy)

2. Retail Banking (responsibles for providing loans and savings facilities to general public and small businesses)

3. Investment Banking (responsibles for providing advise on corporations to create value or structuring finance)

Management Accounting

Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.

In contrast to financial accountancy information, management accounting information is:

  • primarily forward-looking, instead of historically
  • model based with a degree of abstraction to support decision making generically, instead of case based;
  • designed and intended for use by managers within the organization, instead of being intended for use by shareholders, creditors, and public regulators;
  • usually confidential and used by management, instead of publicly reported;
  • computed by reference to the needs of managers, often using management information systems, instead of by reference to general financial accounting standards.

 

Source: Wikipedia

Auditing

Auditing is an evaluation of of a person, organization, system, process, enterprise, project or product.

There are mainly 2 types of auditing:

1. Internal audit (works in the company and evaluates internal control of the company)

2. External audit (a third party who will provide an opinion on the company’s financial statements and internal controls).

Accounting

Accounting is the production of financial resources on an organisation.  3 Underlying purposes for accounting are:

1. Organise set of statements which facilitate monitoring of performance, analysis and decision making

2. To compare the financial health of the company to another company (has to be comparable in industry, size and nature of business)

3. Organisaitons abide by the sets of regulations set by the Accounting Standards Body of the Country

 

The said statements above are usually the following 3:

1. Income Statement (shows the financial performance of the company)

2. Balance Sheet (shows the financial position of the company)

3. Cash Flow Statement (shows the cash position of the company)

Finance

Finance can be broken into three different sub categories: public financecorporate finance and personal finance.

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