What is Finance According to Different Authors? Finance can be defined as the art and science of managing money. Virtually all individuals and organizations earn or raise money and spend or invest money.
What is Finance According to Different Authors?
According to Lawrance. J. Gitman, “Finance is concerned with the process, institution, markets and instrument involved in the transfer of money among individuals, government and business. “
According to Schall and Halley, “Finance is a body of facts, principles, and theories, dealing with the raising and usage of money by individuals, government and business.”
E.W. Walker stated, “Activities of a business concern relevant to financial planning, coordinating, control and their application is called finance.”
Guthumann and Dougall defined as, “The activity concerned with planning, developing, managing, administering and increasing of the capital used for business purposes is known as finance”.
According to Ivan Thompson, “the term finance comes from the Latin “finis” which means end or finish. Its implications affect both individuals and businesses, organizations and state it has to do with obtaining and using or money management.”
In the words of Wheeler, “The overall assessment, acquisition, and conversation of capital funds to accomplish important objectives of a business enterprise including the financial requirement is called business finance”.
Investopedia defines finance as the science that describes the management, creation, and study of money, banking, credit, investments, assets, and liabilities.
In a nutshell
Finally, it can be defined as the study/knowledge that enables individuals, government, and businesses to convert short-term liabilities in long term assets. Financial knowledge is one of the important parts of education which requires in day-to-day lives. In this financial world, everyone has to learn what is finance with examples of finance.
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