MCO07 Financial Management Assignment Help

MCO07 Financial Management Assignment Help

MCO07 Financial Management Assignment Help

Introduction:

Management over the financial transactions and activities of a business is an effective and efficient approach. This approach is applied by the financial managers, suppliers, customers, debtors, creditors, shareholders and other stakeholders of the business in order to make a decision about the performance of the business. the financial analysis approach makes it simple and easier for the internal and external stakeholders to measure the financial position and make a decision about the performance of the business law that whether the allocation of the resources must be done in the business or not (Palicka, 2011). The approach of financial evaluation takes huge effort to collect the financial information, measure the financial information and make a decision that whether the information are offering positive result about the company (Schlichting, 2013). The crucial factors of the financial management approach are that it does not take the concern on the financial transactions and activities only; it measures all the related factors which could affect the business and the financial performance of the business.

The approach of financial management contains various tools which is applied by the business through identifying the base of the decisions making, such as in case of preparing a business plan, it is important for the business to estimate the cash requirement, profit statement, financial performance evaluation, breakeven level of the business, sensitivity analysis on the business etc to measure that whether the business would be able to meet the demands of the company or not.

Case overview:

In the report, the study has been done on a business plan which would be planned and started by Benjamin. He has been retired from his job in an oil and gas company and after his retirement, he is planning to open a business. A lum sum amount of $ 1.7 million has been got by Benjamin after his retirement and now he is planning to open a chocolates business in the Oslo market. He has a friend in Zurich market who manufactures the chocolates with innovative flavours and different taste. If the chocolates would been sold in the Oslo market than the competition level is lower in the market and the demand of the chocolates are higher which would lead towards the profitability position to the business.

The case explains that the sales of the business would be 50 units at first place which would be improved to 420 units at the end of the year. An online portal would be prepared by the business to sell the chocolates to the customers. Though, a friend of Benjamin also wants to do chocolates business and he agreed to buy 100 boxes of chocolate from the Benjamin at the rate of NOK 220 each box. The revenue of the business would be improved by an increased rate as well as the expenses of the company would be different on the basis of sales and purchase of the business.

The main visions of the company are to offer the quality chocolates to the customers of Oslo market. The company is using the innovative strategies and advances technology to capture the market and improve the overall performance of the business.

Assumption and findings summary:

On the basis of the case evaluation, various estimations and the financial statements are required to measure the viability of the business plan. The financial statements and other estimations make it easier for the business planner to make better decision. In order to prepare the profit and loss statement, statement of financial position, cash flow statement, break even analysis etc. (Oliver and Schoff, 2017) few assumptions and estimations have been made which are given as follows:

As the business is planning to manage inventory level of 1 month and the shipment time of inventory is 2 weeks so it has been estimated that in the month of December, the inventory order has been placed and received by the business.

The sales of the business would be improved with a great growth rate from 50 units in the first month to 420 units in the last month.

The purchase of the chocolates would be done by the business after estimating the future sales of the business and the entire purchased inventory for that particular month would be sold in the same month.

The website will not be treated as an asset of the business but because of the up-gradated nature of the website (Weaver, Weston and Weaver, 2011).

All the personalized box of chocolates would be bought by Liv from the very first month of sales.

Exchange rate of CHF to NOK is 8 (Xe.com, 2018).

Website cost has been treated as an expense.

The initial investment of the business would be NOK 5,00,000.

BEP level of each of the sales (online sales and Liv sales) would be calculated differently.

Company does not have any liability.

Capital of the business has been generated from the investment by Benjamin only (Ward, 2012).

On the basis of the above assumptions following sales and purchase sheet of the business has been prepared:

 

Sales (units)

Sales (Packets)

Sales (NOK)

Purchase (units)

Purchase (units for personalized sales)

Purchase cost

Shipment

Discount received

 

 

 

 

 

 

 

 

 

December

0

 

 

50

25

NOK 30,996

NOK 5,700

NOK 12,136.00

January

50

200

NOK 37,500

90

25

NOK 47,527

NOK 8,740

NOK 21,844.80

February

90

360

NOK 67,500

115

25

NOK 57,859

NOK 10,640

NOK 27,912.80

March

115

460

NOK 86,250

160

25

NOK 76,457

NOK 14,060

NOK 38,835.20

April

160

640

NOK 120,000

200

25

NOK 92,988

NOK 17,100

NOK 48,544.00

May

200

800

NOK 150,000

250

25

NOK 113,652

NOK 20,900

NOK 60,680.00

June

250

1000

NOK 187,500

275

25

NOK 123,984

NOK 22,800

NOK 66,748.00

July

275

1100

NOK 206,250

300

25

NOK 134,316

NOK 24,700

NOK 72,816.00

August

300

1200

NOK 225,000

320

25

NOK 142,582

NOK 26,220

NOK 77,670.40

September

320

1280

NOK 240,000

350

25

NOK 154,980

NOK 28,500

NOK 84,952.00

October

350

1400

NOK 262,500

380

25

NOK 167,378

NOK 30,780

NOK 92,233.60

November

380

1520

NOK 285,000

420

25

NOK 183,910

NOK 33,820

NOK 101,942.40

December

420

1680

NOK 315,000

 

 

 

 

 

Total

2910

11640

NOK 2,182,500

2,910.00

 

NOK 1,326,629

NOK 243,960.00

NOK 706,315

(Weston and Brigham, 2015)

The above table explains about the assumptions and estimations which have been made in order to prepare the final financial statement and the other relevant statement to measure the performance of the business.

Break even analysis:

Break even analysis is one of financial tools which is used by the manufacturing or production companies in order to identify the minimum units which must be produced by the business. It explains that how much minim inventory must be produced and sold by the business in order to generate that much amount which could cover the total cost of the business (Lee and Lee, 2006). This analysis makes it easier for the production manager, cost manager and other managers to identify that whether the business should run the operations line or not. If yes, than how many changes are required to be done in order to cover the associated cost and improve the margin of profit of the business. The sales, price, variable cost, contribution marginal and fixed cost are the main components in a business to measure the breakeven point level of the business.

On the basis of the calculations on Benjamin’s business, it has been measured that the business would be operated in the Oslo market where the chocolates would be sold by the business through 2 different sources i.e. through online portal and through direct sell. In case of sale through online portal, it has been found that the selling price per unit of the business is NOK 750 which consist NOK 565.52 variable cost. That leads to the study that the contribution pr margin of the business is NOK 184.48 (Zabarankin, Pavlikov and Uryasev, 2014). Further, the associated foxed cost with the business project is NOK 1,67,200. It explains that the business is required to sell around 906 units in order to generate the revenue which could cover all the expenses and cost of the business. In terms of amount, NOK 6,79,748.48 is required to earn by the business through selling the chocolates in the market. If the more units would be sold by the business than the extra revenue would denote the profit level of the business (Lord, 2007). The evaluation on total sales unit of the business explains that the 2910 kg of chocolates would be sold by the business which is higher than the break even sales of the business.

Further, in case of direct sell to Liv, it has been found that the selling price per unit of the business is NOK 880 which consist NOK 555.52 variable cost. That leads to the study that the contribution pr margin of the business is NOK 324.28. Further, the associated fixed cost with the business project is NOK 103,200. It explains that the business is required to sell around 318 units in order to generate the revenue which could cover all the expenses and cost of the business. In terms of amount, NOK 279,881.66 is required to earn by the business through selling the chocolates in the market. If the more units would be sold by the business than the extra revenue would denote the profit level of the business (Zimmerman and Yahya-Zadeh, 2011). The evaluation on total sales unit of the business explains that the 300 kg of chocolates would be sold by the business which is lower than the break even sales of the business. It explains that this process would lead to the business towards huge loss. However, the business is new and the future demand would decrease the loss position of the business.

Cost-Volume-Profit Relationships - Breakeven

 

 

 

 

 

 

 

Per Unit Amounts

 

Selling price

NOK 750.00

NOK 880.00

Variable costs

NOK 565.52

NOK 555.52

Contribution margin

NOK 184.48

NOK 324.48

 

 

 

Total fixed costs

NOK 167,200.00

NOK 103,200.00

 

 

 

 

 

 

Breakeven in units

906

318

Breakeven in dollars

NOK 679,748.48

NOK 279,881.66

(kruth, 2013)

On the basis of the study on both the projects of the business, of the online portal sales would offer huge profit to the business but the direct sell could lead the business towards the losses. However, the business is new and along with the time, the performance of the business would be improved.

 Profit and loss statement:

Profit and loss statement and the analysis is one of financial tools which are used by the companies in order to identify the total revenue and the expenses of the business which has been occurred in the business in a year. Profit and loss statement could be prepared monthly, quarterly, half yearly or annually, on the basis of the demands of the business. It explains that how much profit has been generated by the business. this analysis makes it easier for the top level management of the company to identify that how much profit could be generated by the business on the basis of the deduction of total expenses of the business from the total revenue (Tsanakas and Millossovich, 2016).

In case of Benjamin’s business, the profit and loss statement has been prepared to estimate the total revenue from the online sales and direct sales as well as the total expenses associated with the purchase of the chocolates, packaging, shipping, marketing etc. the calculations on the both kind of sales of the company explains that the sales from online portal and direct sales of the business is NOK 2,182,500 and NOK 2,64,000. It explains that the total sales of the business are NOK 24,46,500 (Moles, Parrino and Kidwekk, 2011).

The total discount received by the business NOK 706,315. It further explains that the gross profit of the business is $ 15,78,226. The total expenses of the business are NOK 3,68,119. It further explains that the net profit before tax of the business is NOK 12,10,108. The taxation rate of the business is 35%. It explains that the net profit after tax NOK 7,86,570. On the basis of the below given table, the profit and loss statement of the business has been estimated:

 

 

 

 

Income Statement

 

 

As on 31st Dec 2018

 

Revenues

 

 

 

Sales

NOK 2,182,500

 

Add: Personalized chocolates boxes

NOK 264,000

 

Total Sales

NOK 2,446,500

Cost of goods sold

 

 

Purchase

NOK 1,326,629

 

Cost of preparing the extra chocolate boxes

NOK 4,000

 

Cost of purchase

NOK 243,960

Gross profit / loss

NOK 871,911

Other income

 

 

Discount received

NOK 706,315

Gross income

NOK 1,578,226

Expenses

 

 

 

Labour

NOK 210,400

 

Market study

NOK 50,000

 

Packaging and shipment

NOK 84,375

 

Credit card costs

NOK 23,344

Total expenses

NOK 368,119

Net profit before tax

NOK 1,210,108

 

Less: 35% tax

NOK 423,538

Net profit after tax

NOK 786,570

(Madura, 2014)

Revenues

The revenue of the business has been estimated on the basis of the given case and the assumptions and it has been found that the calculations on the both kind of sales of the company explains that the sales from online portal and direct sales of the business is NOK 2,182,500 and NOK 2,64,000. It explains that the total sales of the business are NOK 24,46,500. The revenue per unit of the company in case of online portal and direct sales are NOK 750 and NOK 880.

Expenditures

Further, the expenses of the business has been estimated on the basis of the given case and the assumptions and it has been found that the calculations on the both kind of sales of the company explains that the total expenses of the business is NOK 3,68,119 while the cost of purchase of the company and the shipping cost of the material of the business is NOK 13,26,629 and NOK 243,960 (Kinsky, 2011). It explains that the total sales of the business are NOK 24,46,500. The revenue per unit of the company in case of online portal and direct sales are NOK 750 and NOK 880. The cost of 2018 has been presented in the below form:

(McCoy et al, 2018)

On the basis of the above graph of 2018 expenses, it has been found that highest share of expenses is hold by the labour expenses. Labour expenses of the business are 57% of the total expenses of the business. Further, 23% of the expenses are hold by the packaging and shipment charges and 14% and 6% are hold by the market study and credit card cost of the business. It explains that if the labour cost of the business could be controlled by the business than the profitability level of the business would be improved more.

Balance sheet:

Balance sheet statement and the analysis is one of the financial tools which are used by the companies in order to identify the total assets, liabilities and equity capital of the business which is managed by the business on a particular date. Statement of financial performance could be prepared monthly, quarterly, half yearly or annually, on the basis of the demands of the business (Krnatz, 2016). It explains that how much resources have been managed by the business. this analysis makes it easier for the top level risk management of the company to identify that how much the company is financial strong as well as it also depicts about the liquidity and financial gearing risk of the business.

Balance Sheet

 

As on 31st Dec 2018

 

 

 

 

Assets

 

 

Current assets

 

 

Cash at hand

NOK 500,000

 

Inventory

NOK 183,910

 

Prepaid rent

NOK 21,600

Total current Assets

NOK 705,510

Fixed Assets

 

 

 

 

 

Machineries

NOK 15,000

 

Refrigerator

NOK 55,000

Total assets

NOK 775,510

 

 

 

Liabilities

 

 

Current Liabilities

-

 

Long term liabilities

-

Total liabilities

-

 

 

 

Capital

 

NOK 775,510

The balance sheet of the company explains that no liabilitie are held by the company, the total assets of the business are NOK 775,510 which also depict about the same level of equity of the company.

Monthly cash flow:

Monthly cash flow statement and the analysis is one of financial tools which are used by the companies in order to manage the cash level in the business. Statement of cash flow could be prepared monthly, quarterly, half yearly or annually, on the basis of the demands of the business. It explains that how much cash has been inflow and outflow by the business in a particular time period (Kruth, 2013). This analysis makes it easier for the top level management of the company to identify that how much cash is required for the business and how much could be managed by the company through its operating, financial and investing cash flows of the business.

In case of Benjamin’s business, the cash flow statement has been prepared to estimate the total cash flows of the business from the operating activities, investing activities and the financial activities of the business. The total receipts of the business are different in each of the year. It differs on the basis of the total sales and the other revenue generated by the business (Lumby and Jones, 2007). Further, the total payment done by the business is NOK 302,226. The net receipts of the company are NOK 47,79,119.

The cash flow table of the business explains that the business has introduced NOK 5,00,000 in order to manage the activities and the performance of the business.

Cash Budget

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash receipts

 

 

 

 

 

 

 

 

 

 

 

 

Capital introduced

NOK 500,000

 

 

 

 

 

 

 

 

 

 

 

Sales

NOK 37,500

NOK 67,500

NOK 86,250

NOK 120,000

NOK 150,000

NOK 187,500

NOK 206,250

NOK 225,000

NOK 240,000

NOK 262,500

NOK 285,000

NOK 315,000

Discount received

NOK 21,845

NOK 27,913

NOK 38,835

NOK 48,544

NOK 60,680

NOK 66,748

NOK 72,816

NOK 77,670

NOK 84,952

NOK 92,234

NOK 101,942

NOK 101,942

Personalized chocolate box

NOK 22,000

NOK 22,000

NOK 22,000

NOK 22,000

NOK 22,000

NOK 22,000

NOK 22,000

NOK 22,000

NOK 22,000

NOK 22,000

NOK 22,000

NOK 22,000

Total receipts

NOK 581,345

NOK 117,413

NOK 147,085

NOK 190,544

NOK 232,680

NOK 276,248

NOK 301,066

NOK 324,670

NOK 346,952

NOK 376,734

NOK 408,942

NOK 438,942

Cash payment

 

 

 

 

 

 

 

 

 

 

 

 

Refrigerator

NOK 55,000

 

 

 

 

 

 

 

 

 

 

 

Industrial Room

NOK 28,800

NOK 7,200

NOK 7,200

NOK 7,200

NOK 7,200

NOK 7,200

NOK 7,200

NOK 7,200

NOK 7,200

NOK 7,200

NOK 7,200

NOK 7,200

Purchase

NOK 47,527

NOK 57,859

NOK 76,457

NOK 92,988

NOK 113,652

NOK 123,984

NOK 134,316

NOK 142,582

NOK 154,980

NOK 167,378

NOK 183,910

NOK 183,910

Labour

NOK 17,533

NOK 17,533

NOK 17,533

NOK 17,533

NOK 17,533

NOK 17,533

NOK 17,533

NOK 17,533

NOK 17,533

NOK 17,533

NOK 17,533

NOK 17,533

Packaging and shipment

NOK 50,000

 

 

 

 

 

 

 

 

 

 

 

Website

NOK 75,000

 

 

 

 

 

 

 

 

 

 

 

Machine

NOK 15,000

 

 

 

 

 

 

 

 

 

 

 

Shipping cost

NOK 8,740.00

NOK 10,640.00

NOK 14,060.00

NOK 17,100.00

NOK 20,900.00

NOK 22,800.00

NOK 24,700.00

NOK 26,220.00

NOK 28,500.00

NOK 30,780.00

NOK 33,820.00

NOK 33,820.00

Packaging and shipment

NOK 4,625

NOK 5,125

NOK 5,438

NOK 6,000

NOK 6,500

NOK 7,125

NOK 7,438

NOK 7,750

NOK 8,000

NOK 8,375

NOK 8,750

NOK 9,250

Credit card costs

 

NOK 469

NOK 844

NOK 1,078

NOK 1,500

NOK 1,875

NOK 2,344

NOK 2,578

NOK 2,813

NOK 3,000

NOK 3,281

NOK 3,563

Total payment

NOK 302,226

NOK 98,826

NOK 121,531

NOK 141,899

NOK 167,285

NOK 180,517

NOK 193,531

NOK 203,863

NOK 219,026

NOK 234,267

NOK 254,494

NOK 255,275

Net receipts/ payment

NOK 279,119

NOK 18,587

NOK 25,554

NOK 48,645

NOK 65,395

NOK 95,731

NOK 107,535

NOK 120,807

NOK 127,926

NOK 142,467

NOK 154,448

NOK 183,667

Opening balance

NOK -

NOK 279,119

NOK 297,706

NOK 323,260

NOK 371,904

NOK 437,299

NOK 533,029

NOK 640,565

NOK 761,372

NOK 889,298

NOK 1,031,765

NOK 1,186,213

Closing balance

NOK 279,119

NOK 297,706

NOK 323,260

NOK 371,904

NOK 437,299

NOK 533,029

NOK 640,565

NOK 761,372

NOK 889,298

NOK 1,031,765

NOK 1,186,213

NOK 1,369,880

(Krantz, M. 2016)

Annual cash flow:

Cash flow is one of the final financial statements of the business which is used to summarize all the cash outflows and cash inflows of the business in a particular time period. Cash flow is also known as statement of changes in the cash position which explains that how much cash has been inflow and outflow in a particular time period in the business. This cash flow statement account offers the idea and information about the ability and inability of the business to generate the cash inflow through managing the expenses and the revenue of the business (Lumby and Jones, 2007).

In case of Benjamin’s business, the cash flow statement has been prepared to estimate the total cash flows of the business from the various activities such as the investment into the PPE, sales, purchase, issue of share etc. on the basis of the cash flow statement, it has been found that the NOK 37,42,622 is the total revenue generated by the business. Further, the total payment done by the business is NOK 23,72,741 (Fulin, 2011). The net receipts of the company are NOK 13,69,880.

The cash flow table of the business explains that the business has introduced NOK 5,00,000 in order to manage the activities and the performance of the business.

Cash Budget

 

 

Total

 

 

Cash receipts

 

Capital introduced

NOK 500,000

Sales

NOK 2,182,500

Discount received

NOK 796,122

Personalized chocolate box

NOK 264,000

Total receipts

NOK 3,742,622

Cash payment

NOK -

Refrigerator

NOK 55,000

Industrial Room

NOK 108,000

Purchase

NOK 1,479,542

Labour

NOK 210,400

Packaging and shipment

NOK 50,000

Website

NOK 75,000

Machine

NOK 15,000

Shipping cost

NOK 272,080

Packaging and shipment

NOK 84,375

Credit card costs

NOK 23,344

Total payment

NOK 2,372,741

Net receipts/ payment

NOK 1,369,880

Opening balance

NOK 1,369,880

Closing balance

NOK 2,739,761

(Kaplan and Atkinson, 2015)

Capital required:

It becomes important for an entrepreneur to raise some funds in order to run and manage the business. Capital requirement donates about the total fund which regulates the financial demand of the business (Horngren, 2009). The capital requirement could be analyzed by the business through identifying all the needs and the future perspective of the business. In case of the business, it has been found that the total requirement of the capital in the business is NOK 5,00,000. The below given table express that why the business need this much fund of the business. some of the additional funds are managed by the company in order to meet any sudden needs of the business.

Required cash flow statement

 

 

 

Purchase cost

 

NOK 30,996.00

Shipping cost

 

NOK 5,700.00

Refrigerator

 

NOK 55,000.00

Industrial Room

 

NOK 21,600.00

Machine

 

NOK 15,000.00

Website

 

NOK 75,000.00

Additional cash for operations

 

NOK 296,704.00

 

 

 

Total required cash at initial stage

NOK 500,000

(Higgins, 2012)

The table explains that the capital requirement must be evaluated by the business and must manage in order to improve the performance of the business.

Sensitivity analysis:

A sensitivity analysis is a financial analysis tool which measures the independent variable of the business on the basis of the dependent variable. Sensitivity analysis sets a boundary among the variables in order to measure the changes and the performance of the business (Hillier, Grinblatt and Titman, 2011). For instance, the sensitivity analysis has been performed on the basis of the various dependent and independent variables of the business. the below given tables present about the sensitivity analysis of the business.

 
 

Sensitivity Analysis

Investment

-NOK 500,000.00

 

Sales

 

NOK 2,446,500.00

Varibale cost

 

NOK 1,892,707.55

Fixed cost

 

NOK 50,000.00

Pre tax prpfit

 

NOK 1,210,107.65

Taxes

 

NOK 423,537.68

Profit after taxes

 

NOK 786,569.97

Cash flow from operations

NOK 1,369,880.45

Net cash flow

 

NOK 2,739,760.90

Sensitivity Analysis

 

Range

NPV

Key variables

Pessimistic

Expected

Optimistic

Pessimistic

Expected

Optimistic

Optimistic

 

 

 

 

 

 

Investment

55000

50000

45000

2.15

2.6

2.86

Sales

1964250

2182500

2400750

2.34

2.6

2.98

Variable cost

1703436.795

1892707.55

2081978

2.22

2.6

2.775

% of sales

 

 

 

 

 

 

Fixed cost

45000

50000

55000

2.43

2.6

3.05

(Elton, Gruber, Brown and Goetzmann, 2009)

The above calculation explains that the NPV position of the company would be different in all the situations i.e. Optimistic, expected and pessimistic, the 10% increment and 10% decrement in the dependent variables of the business could affect the NPV level of the business at huge.

Undertake the venture:

On the basis of the above study, it has been found that the business of Benjamin is quite sound. If the Benjamin would invest into the chocolate business than he would be able o make huge profit from the business. The sales of the business would be rise at great level as well as the profitability level of the business would also be improved. The business would be able to meet all the demands of the Benjamin related to the funds and management of the time (Gapenski, 2008). The study explains that the investment is lesser in the business and the revenues are higher.

Conclusion and recommendation:

To conclude, the business explains that the business is worth investing, the online portal of the business is quite impressive to manage and sell the chocolate boxes of the business. Further, it has been found that the market sales of the business would be improves much aong with the time. In case of direct sales, it has been found that the few changes are required to be done by the business in order to meet the break even point of the business so that the cost of the business could be covered. The company has enough funds to run and manage the business. No extra funds are required by the business to run the activities and operations of the business.

Reflection:

Through conducting the study on this business appear, i have got to know about various new financial concepts and their application in a real life situation. The various studies on the different financial statement made it easy for me to identify the different accounting and financial concepts and make a decision on the basis of those concepts. I have found through the case study that the business is worth investing, the online portal of the business is quite impressive to manage and sell the chocolate boxes of the business. Further, it has been found that the market sales of the business would be improves much along with the time. In case of direct sales, it has been found that the few changes are required to be done by the business in order to meet the breakeven point of the business so that the cost of the business could be covered. The few changes into the business could lead it towards the heights and thus it is recommended to the Benjamin to invest into the business.

References:

1. Elton, E.J., Gruber, M.J., Brown, S.J., and Goetzmann, W.N. 2009. Modern Portfolio Theory and Investment Analysis. John Wiley and Sons.
2. Fulin, S. 2011. Preface by SHANG Fulin. Corporate Governance of Listed Companies in China. OECD, 5, p.003.
3. Gapenski, L.C., 2008. 
Healthcare finance: an introduction to accounting and financial management. Health Administration Press.
4. Higgins, R. C., 2012. 
Analysis for financial management. McGraw-Hill/Irwin.
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