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Chapter 23
Management of Short-Term Assets: Liquid
Assets and Accounts Receivable
Copyright 2006 McGraw-Hill Australia Pty Ltd
PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 23–1
Prepared by Dr Buly Cardak
Learning Objectives • Define liquid assets.
• Distinguish between liquidity management and treasury management.
• Identify the motives for holding liquid assets.
• Prepare a cash budget.
• Apply cash management models.
Copyright 2006 McGraw-Hill Australia Pty Ltd
PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 23–2
Prepared by Dr Buly Cardak
Learning Objectives (cont.)
• Identify avenues for short-term investment by companies.
• Understand the application of portfolio theory to investment in short-term securities.
• Define accounts receivable and distinguish between trade credit and consumer credit.
• Identify the benefits and costs of holding accounts receivable.
Copyright 2006 McGraw-Hill Australia Pty Ltd
PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 23–3
Prepared by Dr Buly Cardak
Learning Objectives (cont.)
• Identify the four elements of credit policy.
• Understand the factors in implementing a collection policy.
• Apply the net present value method to evaluate alternative credit and collection policies.
• Understand the ways in which accounts receivable may be employed as a means of financing.
• Apply financial statement analysis to short-term asset management.
Copyright 2006 McGraw-Hill Australia Pty Ltd
PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 23–4
Prepared by Dr Buly Cardak
Introduction
• Liquidity is essential in order to ensure that creditors are paid on time.
• This ensures the business can continue to operate — solvency.
• However, liquidity is costly and there is a trade off between costs and benefits, along with an optimal level of liquidity.
• Many companies sell on credit, leading to accounts receivable — need to manage accounts receivable efficiently to maximise company value.
Copyright 2006 McGraw-Hill Australia Pty Ltd
PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 23–5
Prepared by Dr Buly Cardak
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