The word finance was originally a French word. In the 18th century, it was adapted by English speaking communities to mean the management of money. Today, finance is not merely a word but it has emerged into an academic discipline of greater significance and now it is an organized branch of Economics.
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Financial management emerged as a distinct field of study around 20th century. Its evolution is divided into three broad phases:
Traditional phase – This phase started from 1920 and lasted till 1940. During this phase focus was mainly on below aspects: …
Fixed Assets – Assets which are purchased for the purpose of operating of the business but not for the resale. Ex.- land, building, machinery, furniture, car etc. …