SlideShare a Scribd company logo

Financial Management Lesson Notes

•Download as PPT, PDF•
•
Ekrem Tufan
Ekrem Tufan

This document provides an overview of topics that will be covered in a financial management course, including definitions of key financial terms, the responsibilities of financial managers, capital budgeting techniques like net present value and internal rate of return, and examples of applying these techniques to investment projects. Financial ratios, markets and institutions, risk and rates of return, and strategic investment decisions are also discussed. An example capital budgeting case study of a small-scale flower cultivation project is presented.

Economy & FinanceBusiness
1 of 53
FINANCIAL MANAGEMENT Ekrem Tufan [email_address] Anadolu University Open Education Faculty Canakkale Office
What will we learn? ,[object Object],[object Object],[object Object],[object Object],[object Object]
What will we learn? ,[object Object],[object Object],[object Object],[object Object]
What will we learn? ,[object Object],[object Object],[object Object],[object Object],[object Object]
What will we learn? ,[object Object],[object Object],[object Object]
What will we learn? ,[object Object],[object Object],[object Object],[object Object]
What will we learn? ,[object Object],[object Object],[object Object],[object Object]
What will we learn? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
What kind of resources can we use when we doing research? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
What is the finance? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
What is the finance? ,[object Object],[object Object],[object Object],[object Object]
An Overview o f Managerial Finance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
An Overview o f Managerial Finance Board of Directors President Vice President:Sales Vice President:Manufacturing Vice President:Finance Treasurer Controller Credit Manager Inventory Manager Director of Capital Budgeting Cost Accounting Financial Accounting Tax department
An Overview o f Managerial Finance ,[object Object],[object Object],[object Object],[object Object],[object Object]
An Overview o f Managerial Finance ,[object Object],[object Object],[object Object],[object Object]
Managerial incentives to maximize shareholder wealth ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Social responsibility ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Stock price maximization and social welfare ,[object Object],[object Object],[object Object]
The Financial Environment: Markets, Institutions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Physical asset markets ( Real asset markets ) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Spot markets , futures markets, money markets, capital markets ,[object Object],[object Object]
World, national, regional and local markets , primary-secondary markets ,[object Object],[object Object]
The Financial Environment: Markets, Institutions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The Financial Environment: Markets, Institutions ,[object Object],[object Object],[object Object],[object Object],[object Object]
The Financial Environment: Markets, Institutions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The Financial Environment: Markets, Institutions ,[object Object],[object Object],[object Object]
The Financial Environment: Markets, Institutions ,[object Object],[object Object],[object Object]
Risk And Rates Of Return ,[object Object],[object Object],[object Object],[object Object]
Risk And Rates Of Return ,[object Object],[object Object],[object Object]
Expected Rate of Return ,[object Object],[object Object],[object Object]
Expected Rate of Return ,[object Object],[object Object]
Expected Rate of Return
Measuring Risk: Standard Deviation ,[object Object]
Coefficient of Variation as a Risk Measure ,[object Object]
Strategic Long-Term Investment Decisions ,[object Object],[object Object],[object Object],[object Object],[object Object]
Strategic Long-Term Investment Decisions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Project classifications ,[object Object],[object Object],[object Object],[object Object]
Project classifications ,[object Object],[object Object],[object Object]
Project classifications ,[object Object],[object Object]
Project classifications ,[object Object],[object Object]
Project classifications ,[object Object],[object Object]
Project classifications ,[object Object],[object Object]
Strategic Long-Term Investment Decisions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Capital Budgeting Evaluation Techniques ,[object Object],[object Object],[object Object],[object Object]
Capital Budgeting Evaluation Techniques ,[object Object],[object Object],[object Object],[object Object]
Payback period ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Capital Budgeting Evaluation Techniques ,[object Object],[object Object],[object Object],[object Object]
Payback period ,[object Object],200 Payback Period ( L )= 3 + = 3 ,333 Years 6 00
Capital Budgeting Evaluation Techniques ,[object Object]
Capital Budgeting Evaluation Techniques ,[object Object],[object Object]
Capital Budgeting Evaluation Techniques ,[object Object]
Net Present Value (NPV) ,[object Object],[object Object],[object Object],[object Object]
Example of NPV and IRR ,[object Object],[object Object],[object Object]

Recommended

INTRODUCTION TO FINANCIAL MANAGEMENT
INTRODUCTION TO FINANCIAL MANAGEMENTINTRODUCTION TO FINANCIAL MANAGEMENT
INTRODUCTION TO FINANCIAL MANAGEMENTMohammed Jasir PV
 
Financial Reporting And Analysis
Financial Reporting And AnalysisFinancial Reporting And Analysis
Financial Reporting And AnalysisAbdullah Mir
 
Financial management
Financial managementFinancial management
Financial managementMisbah Choudhary
 
Introduction to financial management
Introduction to financial managementIntroduction to financial management
Introduction to financial managementSrinivas Methuku
 
Chapter 1 Introduction to Financial Management
Chapter 1 Introduction to Financial ManagementChapter 1 Introduction to Financial Management
Chapter 1 Introduction to Financial ManagementSafeer Raza
 
Financial management
Financial management Financial management
Financial management Aqib ali
 
Financial statement analysis
Financial statement analysisFinancial statement analysis
Financial statement analysisAnuj Bhatia
 
Role Of Financial Management
Role Of Financial ManagementRole Of Financial Management
Role Of Financial Managementsanunai
 

Recommended

INTRODUCTION TO FINANCIAL MANAGEMENT
INTRODUCTION TO FINANCIAL MANAGEMENTINTRODUCTION TO FINANCIAL MANAGEMENT
INTRODUCTION TO FINANCIAL MANAGEMENTMohammed Jasir PV
 
Financial Reporting And Analysis
Financial Reporting And AnalysisFinancial Reporting And Analysis
Financial Reporting And AnalysisAbdullah Mir
 
Financial management
Financial managementFinancial management
Financial managementMisbah Choudhary
 
Introduction to financial management
Introduction to financial managementIntroduction to financial management
Introduction to financial managementSrinivas Methuku
 
Chapter 1 Introduction to Financial Management
Chapter 1 Introduction to Financial ManagementChapter 1 Introduction to Financial Management
Chapter 1 Introduction to Financial ManagementSafeer Raza
 
Financial management
Financial management Financial management
Financial management Aqib ali
 
Financial statement analysis
Financial statement analysisFinancial statement analysis
Financial statement analysisAnuj Bhatia
 
Role Of Financial Management
Role Of Financial ManagementRole Of Financial Management
Role Of Financial Managementsanunai
 
Business risk and financial risk
Business risk and financial riskBusiness risk and financial risk
Business risk and financial riskhimanshujaiswal
 
Receivables management
Receivables managementReceivables management
Receivables managementMalathi Selvakkumar
 
Goal and scope of financial management
Goal and scope of financial managementGoal and scope of financial management
Goal and scope of financial managementLo-Ann Placido
 
Financial Planning and Forecasting
Financial Planning and ForecastingFinancial Planning and Forecasting
Financial Planning and ForecastingMaged Elsakka
 
Financial statement analysis types & techniques
Financial statement analysis types & techniquesFinancial statement analysis types & techniques
Financial statement analysis types & techniquesDr. Abzal Basha
 
Common stock
Common stockCommon stock
Common stockhafsa317
 
Financial management scope, elements, functions and importance
Financial management scope, elements, functions and importanceFinancial management scope, elements, functions and importance
Financial management scope, elements, functions and importanceAMALDASKH
 
Cash Flow Statement PPT
Cash Flow Statement PPTCash Flow Statement PPT
Cash Flow Statement PPTWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
 
Lecture 1. introduction to financial management
Lecture 1. introduction to financial managementLecture 1. introduction to financial management
Lecture 1. introduction to financial managementKritika Jain
 
Financial planning
Financial planningFinancial planning
Financial planningByju Antony
 
6. bond valuation
6. bond valuation6. bond valuation
6. bond valuationAfiqEfendy Zaen
 
Receivable management or accounts receivable management
Receivable management or accounts receivable managementReceivable management or accounts receivable management
Receivable management or accounts receivable managementMohammed Jasir PV
 
Working Capital Management
Working Capital ManagementWorking Capital Management
Working Capital ManagementMaroof Hussain Sabri
 
Financial strategy
Financial strategyFinancial strategy
Financial strategyRahul Vijaykumar
 
Working capital management ppt
Working capital management pptWorking capital management ppt
Working capital management pptShanu Aggarwal
 
Lecture 1 financial institutions #
Lecture 1 financial institutions #Lecture 1 financial institutions #
Lecture 1 financial institutions #Latifa Ben Hamouda
 
Managing Cash Flow
Managing Cash FlowManaging Cash Flow
Managing Cash FlowOperational Excellence Consulting
 
Equity Financing
Equity FinancingEquity Financing
Equity FinancingMaroof Hussain Sabri
 
Cost volume profit analysis
Cost volume profit analysisCost volume profit analysis
Cost volume profit analysiskamran
 
INTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTION
INTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTIONINTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTION
INTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTIONN A M COLLEGE KALLIKKANDY
 
ppt on financial management
ppt on financial management ppt on financial management
ppt on financial managementAanchal
 
Financial management ppt
Financial management pptFinancial management ppt
Financial management pptRanal Nair
 

More Related Content

What's hot

Business risk and financial risk
Business risk and financial riskBusiness risk and financial risk
Business risk and financial riskhimanshujaiswal
 
Goal and scope of financial management
Goal and scope of financial managementGoal and scope of financial management
Goal and scope of financial managementLo-Ann Placido
 
Financial Planning and Forecasting
Financial Planning and ForecastingFinancial Planning and Forecasting
Financial Planning and ForecastingMaged Elsakka
 
Financial statement analysis types & techniques
Financial statement analysis types & techniquesFinancial statement analysis types & techniques
Financial statement analysis types & techniquesDr. Abzal Basha
 
Common stock
Common stockCommon stock
Common stockhafsa317
 
Financial management scope, elements, functions and importance
Financial management scope, elements, functions and importanceFinancial management scope, elements, functions and importance
Financial management scope, elements, functions and importanceAMALDASKH
 
Lecture 1. introduction to financial management
Lecture 1. introduction to financial managementLecture 1. introduction to financial management
Lecture 1. introduction to financial managementKritika Jain
 
Financial planning
Financial planningFinancial planning
Financial planningByju Antony
 
Receivable management or accounts receivable management
Receivable management or accounts receivable managementReceivable management or accounts receivable management
Receivable management or accounts receivable managementMohammed Jasir PV
 
Working capital management ppt
Working capital management pptWorking capital management ppt
Working capital management pptShanu Aggarwal
 
Lecture 1 financial institutions #
Lecture 1 financial institutions #Lecture 1 financial institutions #
Lecture 1 financial institutions #Latifa Ben Hamouda
 
Cost volume profit analysis
Cost volume profit analysisCost volume profit analysis
Cost volume profit analysiskamran
 
INTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTION
INTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTIONINTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTION
INTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTIONN A M COLLEGE KALLIKKANDY
 

What's hot (20)

Business risk and financial risk
Business risk and financial riskBusiness risk and financial risk
Business risk and financial risk
 
Receivables management
Receivables managementReceivables management
Receivables management
 
Goal and scope of financial management
Goal and scope of financial managementGoal and scope of financial management
Goal and scope of financial management
 
Financial Planning and Forecasting
Financial Planning and ForecastingFinancial Planning and Forecasting
Financial Planning and Forecasting
 
Financial statement analysis types & techniques
Financial statement analysis types & techniquesFinancial statement analysis types & techniques
Financial statement analysis types & techniques
 
Common stock
Common stockCommon stock
Common stock
 
Financial management scope, elements, functions and importance
Financial management scope, elements, functions and importanceFinancial management scope, elements, functions and importance
Financial management scope, elements, functions and importance
 
Cash Flow Statement PPT
Cash Flow Statement PPTCash Flow Statement PPT
Cash Flow Statement PPT
 
Lecture 1. introduction to financial management
Lecture 1. introduction to financial managementLecture 1. introduction to financial management
Lecture 1. introduction to financial management
 
Financial planning
Financial planningFinancial planning
Financial planning
 
6. bond valuation
6. bond valuation6. bond valuation
6. bond valuation
 
Receivable management or accounts receivable management
Receivable management or accounts receivable managementReceivable management or accounts receivable management
Receivable management or accounts receivable management
 
Working Capital Management
Working Capital ManagementWorking Capital Management
Working Capital Management
 
Financial strategy
Financial strategyFinancial strategy
Financial strategy
 
Working capital management ppt
Working capital management pptWorking capital management ppt
Working capital management ppt
 
Lecture 1 financial institutions #
Lecture 1 financial institutions #Lecture 1 financial institutions #
Lecture 1 financial institutions #
 
Managing Cash Flow
Managing Cash FlowManaging Cash Flow
Managing Cash Flow
 
Equity Financing
Equity FinancingEquity Financing
Equity Financing
 
Cost volume profit analysis
Cost volume profit analysisCost volume profit analysis
Cost volume profit analysis
 
INTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTION
INTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTIONINTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTION
INTERNATIONAL FINANCIAL MANAGEMENT INTRODUCTION
 

Viewers also liked

ppt on financial management
ppt on financial management ppt on financial management
ppt on financial managementAanchal
 
Financial management ppt
Financial management pptFinancial management ppt
Financial management pptRanal Nair
 
Financial management ppt @ mba
Financial management ppt @ mbaFinancial management ppt @ mba
Financial management ppt @ mbaBabasab Patil
 
OBJECTIVES OF FINANCIAL MANAGEMENT
OBJECTIVES OF FINANCIAL MANAGEMENTOBJECTIVES OF FINANCIAL MANAGEMENT
OBJECTIVES OF FINANCIAL MANAGEMENTAnurag Chakraborty
 
Financial Management
Financial ManagementFinancial Management
Financial Managementshart sood
 
Financial management complete note
Financial management complete noteFinancial management complete note
Financial management complete notekabul university
 
Goods and services
Goods and servicesGoods and services
Goods and servicesSajina Nair
 
Production of Goods and Services
Production of Goods and ServicesProduction of Goods and Services
Production of Goods and ServicesSamantha Yau
 
Ontology Based Object Learning and Recognition
Ontology Based Object Learning and RecognitionOntology Based Object Learning and Recognition
Ontology Based Object Learning and Recognitionnmaillot
 
Extracting and Reducing the Semantic Information Content of Web Documents to ...
Extracting and Reducing the Semantic Information Content of Web Documents to ...Extracting and Reducing the Semantic Information Content of Web Documents to ...
Extracting and Reducing the Semantic Information Content of Web Documents to ...ijsrd.com
 
1. what is a feasibility study
1. what is a feasibility study1. what is a feasibility study
1. what is a feasibility studyRudy Flores
 
Taming the ever-evolving Compliance Beast : Lessons learnt at LinkedIn [Strat...
Taming the ever-evolving Compliance Beast : Lessons learnt at LinkedIn [Strat...Taming the ever-evolving Compliance Beast : Lessons learnt at LinkedIn [Strat...
Taming the ever-evolving Compliance Beast : Lessons learnt at LinkedIn [Strat...Shirshanka Das
 

Viewers also liked (15)

ppt on financial management
ppt on financial management ppt on financial management
ppt on financial management
 
Financial management ppt
Financial management pptFinancial management ppt
Financial management ppt
 
Financial management
Financial managementFinancial management
Financial management
 
Financial management ppt @ mba
Financial management ppt @ mbaFinancial management ppt @ mba
Financial management ppt @ mba
 
OBJECTIVES OF FINANCIAL MANAGEMENT
OBJECTIVES OF FINANCIAL MANAGEMENTOBJECTIVES OF FINANCIAL MANAGEMENT
OBJECTIVES OF FINANCIAL MANAGEMENT
 
Financial Management
Financial ManagementFinancial Management
Financial Management
 
Financial management complete note
Financial management complete noteFinancial management complete note
Financial management complete note
 
Finance Enterprise Management
Finance Enterprise ManagementFinance Enterprise Management
Finance Enterprise Management
 
Goods and services
Goods and servicesGoods and services
Goods and services
 
Production of Goods and Services
Production of Goods and ServicesProduction of Goods and Services
Production of Goods and Services
 
Ontology Based Object Learning and Recognition
Ontology Based Object Learning and RecognitionOntology Based Object Learning and Recognition
Ontology Based Object Learning and Recognition
 
Extracting and Reducing the Semantic Information Content of Web Documents to ...
Extracting and Reducing the Semantic Information Content of Web Documents to ...Extracting and Reducing the Semantic Information Content of Web Documents to ...
Extracting and Reducing the Semantic Information Content of Web Documents to ...
 
1. what is a feasibility study
1. what is a feasibility study1. what is a feasibility study
1. what is a feasibility study
 
Astrology
AstrologyAstrology
Astrology
 
Taming the ever-evolving Compliance Beast : Lessons learnt at LinkedIn [Strat...
Taming the ever-evolving Compliance Beast : Lessons learnt at LinkedIn [Strat...Taming the ever-evolving Compliance Beast : Lessons learnt at LinkedIn [Strat...
Taming the ever-evolving Compliance Beast : Lessons learnt at LinkedIn [Strat...
 

Similar to Financial Management Lesson Notes

Lecture 1. What is Finance.pptx
Lecture 1. What is Finance.pptxLecture 1. What is Finance.pptx
Lecture 1. What is Finance.pptxmanisharane8
 
ToTCOOP+i O3 o4 unit-8_final version_en
ToTCOOP+i O3 o4 unit-8_final version_enToTCOOP+i O3 o4 unit-8_final version_en
ToTCOOP+i O3 o4 unit-8_final version_enToTCOOPiTech
 
Analyzing common stocks ppt @ bec doms
Analyzing common stocks ppt @ bec domsAnalyzing common stocks ppt @ bec doms
Analyzing common stocks ppt @ bec domsBabasab Patil
 
Security market.pptx
Security market.pptxSecurity market.pptx
Security market.pptxMrShoh
 
Intro to engineering economy
Intro to engineering economyIntro to engineering economy
Intro to engineering economyKwesi Kissiedu
 
Fundamental Analysis.pptx
Fundamental Analysis.pptxFundamental Analysis.pptx
Fundamental Analysis.pptxsantyhans
 
T-accountsWEEK 2 T-ACCOUNT ANALYSISPart 1 Identify the account c.docx
T-accountsWEEK 2 T-ACCOUNT ANALYSISPart 1 Identify the account c.docxT-accountsWEEK 2 T-ACCOUNT ANALYSISPart 1 Identify the account c.docx
T-accountsWEEK 2 T-ACCOUNT ANALYSISPart 1 Identify the account c.docxssuserf9c51d
 
7204955 mutual-funds-ppt
7204955 mutual-funds-ppt7204955 mutual-funds-ppt
7204955 mutual-funds-pptNishank Reddy H
 
Fundamental analysis
Fundamental analysis Fundamental analysis
Fundamental analysis umaganesh
 
Joseph Fabiilli | How companies issue equity and the costs to the company?
Joseph Fabiilli | How companies issue equity and the costs to the company?Joseph Fabiilli | How companies issue equity and the costs to the company?
Joseph Fabiilli | How companies issue equity and the costs to the company?Joseph Fabiilli
 
lecture 2 to 4.ppt
lecture 2 to 4.pptlecture 2 to 4.ppt
lecture 2 to 4.pptssuser9e3511
 
Relationship manager training for stock market
Relationship manager training for stock marketRelationship manager training for stock market
Relationship manager training for stock marketVivek Kumar
 
Introduction_to_finance-students ppt.ppt
Introduction_to_finance-students ppt.pptIntroduction_to_finance-students ppt.ppt
Introduction_to_finance-students ppt.pptetebarkhmichale
 
topic1-introduction_to_finance-students (1).ppt
topic1-introduction_to_finance-students (1).ppttopic1-introduction_to_finance-students (1).ppt
topic1-introduction_to_finance-students (1).pptSumitPanchal58
 

Similar to Financial Management Lesson Notes (20)

Lecture 1. What is Finance.pptx
Lecture 1. What is Finance.pptxLecture 1. What is Finance.pptx
Lecture 1. What is Finance.pptx
 
ToTCOOP+i O3 o4 unit-8_final version_en
ToTCOOP+i O3 o4 unit-8_final version_enToTCOOP+i O3 o4 unit-8_final version_en
ToTCOOP+i O3 o4 unit-8_final version_en
 
Analyzing common stocks ppt @ bec doms
Analyzing common stocks ppt @ bec domsAnalyzing common stocks ppt @ bec doms
Analyzing common stocks ppt @ bec doms
 
Analyzing Common Stock
Analyzing Common StockAnalyzing Common Stock
Analyzing Common Stock
 
MBA fin mgt lecture 1.ppt
MBA fin mgt lecture 1.pptMBA fin mgt lecture 1.ppt
MBA fin mgt lecture 1.ppt
 
Security market.pptx
Security market.pptxSecurity market.pptx
Security market.pptx
 
Mf0015 assignment
Mf0015 assignmentMf0015 assignment
Mf0015 assignment
 
Intro to engineering economy
Intro to engineering economyIntro to engineering economy
Intro to engineering economy
 
Mutual Funds
Mutual FundsMutual Funds
Mutual Funds
 
Investment Planning.pptx
Investment Planning.pptxInvestment Planning.pptx
Investment Planning.pptx
 
Fundamental Analysis.pptx
Fundamental Analysis.pptxFundamental Analysis.pptx
Fundamental Analysis.pptx
 
T-accountsWEEK 2 T-ACCOUNT ANALYSISPart 1 Identify the account c.docx
T-accountsWEEK 2 T-ACCOUNT ANALYSISPart 1 Identify the account c.docxT-accountsWEEK 2 T-ACCOUNT ANALYSISPart 1 Identify the account c.docx
T-accountsWEEK 2 T-ACCOUNT ANALYSISPart 1 Identify the account c.docx
 
7204955 mutual-funds-ppt
7204955 mutual-funds-ppt7204955 mutual-funds-ppt
7204955 mutual-funds-ppt
 
Fundamental analysis
Fundamental analysis Fundamental analysis
Fundamental analysis
 
Investment 1
Investment 1Investment 1
Investment 1
 
Joseph Fabiilli | How companies issue equity and the costs to the company?
Joseph Fabiilli | How companies issue equity and the costs to the company?Joseph Fabiilli | How companies issue equity and the costs to the company?
Joseph Fabiilli | How companies issue equity and the costs to the company?
 
lecture 2 to 4.ppt
lecture 2 to 4.pptlecture 2 to 4.ppt
lecture 2 to 4.ppt
 
Relationship manager training for stock market
Relationship manager training for stock marketRelationship manager training for stock market
Relationship manager training for stock market
 
Introduction_to_finance-students ppt.ppt
Introduction_to_finance-students ppt.pptIntroduction_to_finance-students ppt.ppt
Introduction_to_finance-students ppt.ppt
 
topic1-introduction_to_finance-students (1).ppt
topic1-introduction_to_finance-students (1).ppttopic1-introduction_to_finance-students (1).ppt
topic1-introduction_to_finance-students (1).ppt
 

More from Ekrem Tufan

CV Ekrem Tufan en 26.07.2018
CV Ekrem Tufan en 26.07.2018CV Ekrem Tufan en 26.07.2018
CV Ekrem Tufan en 26.07.2018Ekrem Tufan
 
Genel muhasebe i fi̇nal sınav çözümü güz 2017
Genel muhasebe i fi̇nal sınav çözümü güz 2017Genel muhasebe i fi̇nal sınav çözümü güz 2017
Genel muhasebe i fi̇nal sınav çözümü güz 2017Ekrem Tufan
 
Genel muhasebe i arasınav soruları güz 2017 yanitlar
Genel muhasebe i arasınav soruları güz 2017 yanitlarGenel muhasebe i arasınav soruları güz 2017 yanitlar
Genel muhasebe i arasınav soruları güz 2017 yanitlarEkrem Tufan
 
Genel muhasebe i arasınav soruları güz 2017 yanitlar
Genel muhasebe i arasınav soruları güz 2017 yanitlarGenel muhasebe i arasınav soruları güz 2017 yanitlar
Genel muhasebe i arasınav soruları güz 2017 yanitlarEkrem Tufan
 
Cv europass-ekrem tufan-en 28.10.2017
Cv europass-ekrem tufan-en 28.10.2017Cv europass-ekrem tufan-en 28.10.2017
Cv europass-ekrem tufan-en 28.10.2017Ekrem Tufan
 
Bilimsel arastirma ve_makale_nasil_yapilir eğitimi
Bilimsel arastirma ve_makale_nasil_yapilir eğitimiBilimsel arastirma ve_makale_nasil_yapilir eğitimi
Bilimsel arastirma ve_makale_nasil_yapilir eğitimiEkrem Tufan
 
Bilimsel araştırma ve uluslararası hakemli dergi makalesi nasıl olmalıdır
Bilimsel araştırma ve uluslararası hakemli dergi makalesi nasıl olmalıdırBilimsel araştırma ve uluslararası hakemli dergi makalesi nasıl olmalıdır
Bilimsel araştırma ve uluslararası hakemli dergi makalesi nasıl olmalıdırEkrem Tufan
 
Tourism financial management
Tourism financial managementTourism financial management
Tourism financial managementEkrem Tufan
 
çOmü ti̇oy ödev duyurusu
çOmü ti̇oy ödev duyurusuçOmü ti̇oy ödev duyurusu
çOmü ti̇oy ödev duyurusuEkrem Tufan
 
Press bulletin for canakkale environment platform
Press bulletin for canakkale environment platformPress bulletin for canakkale environment platform
Press bulletin for canakkale environment platformEkrem Tufan
 
Yatirim Proje Degerleme Dersi
Yatirim Proje Degerleme DersiYatirim Proje Degerleme Dersi
Yatirim Proje Degerleme DersiEkrem Tufan
 
Yeşil otel nasıl olunur
Yeşil otel nasıl olunurYeşil otel nasıl olunur
Yeşil otel nasıl olunurEkrem Tufan
 
Corporate finance
Corporate financeCorporate finance
Corporate financeEkrem Tufan
 
Ekonomik krizler ve ben
Ekonomik krizler ve benEkonomik krizler ve ben
Ekonomik krizler ve benEkrem Tufan
 
Europass cv-28.09.2012 tufan
Europass cv-28.09.2012 tufanEuropass cv-28.09.2012 tufan
Europass cv-28.09.2012 tufanEkrem Tufan
 
Kobiler için Kalkınma Ajansı ve AB Fonları
Kobiler için Kalkınma Ajansı ve AB FonlarıKobiler için Kalkınma Ajansı ve AB Fonları
Kobiler için Kalkınma Ajansı ve AB FonlarıEkrem Tufan
 
Sermaye piyasasi ve finansal kurumlar dersi içeriği
Sermaye piyasasi ve finansal kurumlar dersi içeriğiSermaye piyasasi ve finansal kurumlar dersi içeriği
Sermaye piyasasi ve finansal kurumlar dersi içeriğiEkrem Tufan
 
Turizm işletmelerinde finansal yönetim dersi
Turizm işletmelerinde finansal yönetim dersiTurizm işletmelerinde finansal yönetim dersi
Turizm işletmelerinde finansal yönetim dersiEkrem Tufan
 

More from Ekrem Tufan (20)

Ekrem Tufan CV
Ekrem Tufan CV Ekrem Tufan CV
Ekrem Tufan CV
 
Ekrem Tufan CV
Ekrem Tufan CV Ekrem Tufan CV
Ekrem Tufan CV
 
CV Ekrem Tufan en 26.07.2018
CV Ekrem Tufan en 26.07.2018CV Ekrem Tufan en 26.07.2018
CV Ekrem Tufan en 26.07.2018
 
Genel muhasebe i fi̇nal sınav çözümü güz 2017
Genel muhasebe i fi̇nal sınav çözümü güz 2017Genel muhasebe i fi̇nal sınav çözümü güz 2017
Genel muhasebe i fi̇nal sınav çözümü güz 2017
 
Genel muhasebe i arasınav soruları güz 2017 yanitlar
Genel muhasebe i arasınav soruları güz 2017 yanitlarGenel muhasebe i arasınav soruları güz 2017 yanitlar
Genel muhasebe i arasınav soruları güz 2017 yanitlar
 
Genel muhasebe i arasınav soruları güz 2017 yanitlar
Genel muhasebe i arasınav soruları güz 2017 yanitlarGenel muhasebe i arasınav soruları güz 2017 yanitlar
Genel muhasebe i arasınav soruları güz 2017 yanitlar
 
Cv europass-ekrem tufan-en 28.10.2017
Cv europass-ekrem tufan-en 28.10.2017Cv europass-ekrem tufan-en 28.10.2017
Cv europass-ekrem tufan-en 28.10.2017
 
Bilimsel arastirma ve_makale_nasil_yapilir eğitimi
Bilimsel arastirma ve_makale_nasil_yapilir eğitimiBilimsel arastirma ve_makale_nasil_yapilir eğitimi
Bilimsel arastirma ve_makale_nasil_yapilir eğitimi
 
Bilimsel araştırma ve uluslararası hakemli dergi makalesi nasıl olmalıdır
Bilimsel araştırma ve uluslararası hakemli dergi makalesi nasıl olmalıdırBilimsel araştırma ve uluslararası hakemli dergi makalesi nasıl olmalıdır
Bilimsel araştırma ve uluslararası hakemli dergi makalesi nasıl olmalıdır
 
Tourism financial management
Tourism financial managementTourism financial management
Tourism financial management
 
çOmü ti̇oy ödev duyurusu
çOmü ti̇oy ödev duyurusuçOmü ti̇oy ödev duyurusu
çOmü ti̇oy ödev duyurusu
 
Press bulletin for canakkale environment platform
Press bulletin for canakkale environment platformPress bulletin for canakkale environment platform
Press bulletin for canakkale environment platform
 
Yatirim Proje Degerleme Dersi
Yatirim Proje Degerleme DersiYatirim Proje Degerleme Dersi
Yatirim Proje Degerleme Dersi
 
Yeşil otel nasıl olunur
Yeşil otel nasıl olunurYeşil otel nasıl olunur
Yeşil otel nasıl olunur
 
Corporate finance
Corporate financeCorporate finance
Corporate finance
 
Ekonomik krizler ve ben
Ekonomik krizler ve benEkonomik krizler ve ben
Ekonomik krizler ve ben
 
Europass cv-28.09.2012 tufan
Europass cv-28.09.2012 tufanEuropass cv-28.09.2012 tufan
Europass cv-28.09.2012 tufan
 
Kobiler için Kalkınma Ajansı ve AB Fonları
Kobiler için Kalkınma Ajansı ve AB FonlarıKobiler için Kalkınma Ajansı ve AB Fonları
Kobiler için Kalkınma Ajansı ve AB Fonları
 
Sermaye piyasasi ve finansal kurumlar dersi içeriği
Sermaye piyasasi ve finansal kurumlar dersi içeriğiSermaye piyasasi ve finansal kurumlar dersi içeriği
Sermaye piyasasi ve finansal kurumlar dersi içeriği
 
Turizm işletmelerinde finansal yönetim dersi
Turizm işletmelerinde finansal yönetim dersiTurizm işletmelerinde finansal yönetim dersi
Turizm işletmelerinde finansal yönetim dersi
 

Recently uploaded

Top Rated Pune Call Girls Lohegaon ⟟ 6297143586 ⟟ Call Me For Genuine Sex Se...
Top Rated Pune Call Girls Lohegaon ⟟ 6297143586 ⟟ Call Me For Genuine Sex Se...Top Rated Pune Call Girls Lohegaon ⟟ 6297143586 ⟟ Call Me For Genuine Sex Se...
Top Rated Pune Call Girls Lohegaon ⟟ 6297143586 ⟟ Call Me For Genuine Sex Se...Call Girls in Nagpur High Profile
 
Indore Real Estate Market Trends Report.pdf
Indore Real Estate Market Trends Report.pdfIndore Real Estate Market Trends Report.pdf
Indore Real Estate Market Trends Report.pdfSaviRakhecha1
 
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...Call Girls in Nagpur High Profile
 
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...dipikadinghjn ( Why You Choose Us? ) Escorts
 
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...ssifa0344
 
Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...jeffreytingson
 
Top Rated Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...
Top Rated Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...Top Rated Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...
Top Rated Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...Call Girls in Nagpur High Profile
 
falcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunitiesfalcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunitiesFalcon Invoice Discounting
 
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...dipikadinghjn ( Why You Choose Us? ) Escorts
 
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...dipikadinghjn ( Why You Choose Us? ) Escorts
 
Gurley shaw Theory of Monetary Economics.
Gurley shaw Theory of Monetary Economics.Gurley shaw Theory of Monetary Economics.
Gurley shaw Theory of Monetary Economics.Vinodha Devi
 
Top Rated Pune Call Girls Aundh ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...
Top Rated Pune Call Girls Aundh ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...Top Rated Pune Call Girls Aundh ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...
Top Rated Pune Call Girls Aundh ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...Call Girls in Nagpur High Profile
 
VIP Independent Call Girls in Mumbai 🌹 9920725232 ( Call Me ) Mumbai Escorts ...
VIP Independent Call Girls in Mumbai 🌹 9920725232 ( Call Me ) Mumbai Escorts ...VIP Independent Call Girls in Mumbai 🌹 9920725232 ( Call Me ) Mumbai Escorts ...
VIP Independent Call Girls in Mumbai 🌹 9920725232 ( Call Me ) Mumbai Escorts ...dipikadinghjn ( Why You Choose Us? ) Escorts
 
VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...
VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...
VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...dipikadinghjn ( Why You Choose Us? ) Escorts
 
Mira Road Memorable Call Grls Number-9833754194-Bhayandar Speciallty Call Gir...
Mira Road Memorable Call Grls Number-9833754194-Bhayandar Speciallty Call Gir...Mira Road Memorable Call Grls Number-9833754194-Bhayandar Speciallty Call Gir...
Mira Road Memorable Call Grls Number-9833754194-Bhayandar Speciallty Call Gir...priyasharma62062
 
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...priyasharma62062
 
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...roshnidevijkn ( Why You Choose Us? ) Escorts
 
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...ssifa0344
 
Enjoy Night⚡Call Girls Patel Nagar Delhi >༒8448380779 Escort Service
Enjoy Night⚡Call Girls Patel Nagar Delhi >༒8448380779 Escort ServiceEnjoy Night⚡Call Girls Patel Nagar Delhi >༒8448380779 Escort Service
Enjoy Night⚡Call Girls Patel Nagar Delhi >༒8448380779 Escort ServiceDelhi Call girls
 

Recently uploaded (20)

Top Rated Pune Call Girls Lohegaon ⟟ 6297143586 ⟟ Call Me For Genuine Sex Se...
Top Rated Pune Call Girls Lohegaon ⟟ 6297143586 ⟟ Call Me For Genuine Sex Se...Top Rated Pune Call Girls Lohegaon ⟟ 6297143586 ⟟ Call Me For Genuine Sex Se...
Top Rated Pune Call Girls Lohegaon ⟟ 6297143586 ⟟ Call Me For Genuine Sex Se...
 
Indore Real Estate Market Trends Report.pdf
Indore Real Estate Market Trends Report.pdfIndore Real Estate Market Trends Report.pdf
Indore Real Estate Market Trends Report.pdf
 
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...
 
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...
 
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
 
From Luxury Escort Service Kamathipura : 9352852248 Make on-demand Arrangemen...
From Luxury Escort Service Kamathipura : 9352852248 Make on-demand Arrangemen...From Luxury Escort Service Kamathipura : 9352852248 Make on-demand Arrangemen...
From Luxury Escort Service Kamathipura : 9352852248 Make on-demand Arrangemen...
 
Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...
 
Top Rated Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...
Top Rated Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...Top Rated Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...
Top Rated Pune Call Girls Viman Nagar ⟟ 6297143586 ⟟ Call Me For Genuine Sex...
 
falcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunitiesfalcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunities
 
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...
 
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...
 
Gurley shaw Theory of Monetary Economics.
Gurley shaw Theory of Monetary Economics.Gurley shaw Theory of Monetary Economics.
Gurley shaw Theory of Monetary Economics.
 
Top Rated Pune Call Girls Aundh ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...
Top Rated Pune Call Girls Aundh ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...Top Rated Pune Call Girls Aundh ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...
Top Rated Pune Call Girls Aundh ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...
 
VIP Independent Call Girls in Mumbai 🌹 9920725232 ( Call Me ) Mumbai Escorts ...
VIP Independent Call Girls in Mumbai 🌹 9920725232 ( Call Me ) Mumbai Escorts ...VIP Independent Call Girls in Mumbai 🌹 9920725232 ( Call Me ) Mumbai Escorts ...
VIP Independent Call Girls in Mumbai 🌹 9920725232 ( Call Me ) Mumbai Escorts ...
 
VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...
VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...
VIP Independent Call Girls in Andheri 🌹 9920725232 ( Call Me ) Mumbai Escorts...
 
Mira Road Memorable Call Grls Number-9833754194-Bhayandar Speciallty Call Gir...
Mira Road Memorable Call Grls Number-9833754194-Bhayandar Speciallty Call Gir...Mira Road Memorable Call Grls Number-9833754194-Bhayandar Speciallty Call Gir...
Mira Road Memorable Call Grls Number-9833754194-Bhayandar Speciallty Call Gir...
 
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
 
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...
 
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
 
Enjoy Night⚡Call Girls Patel Nagar Delhi >༒8448380779 Escort Service
Enjoy Night⚡Call Girls Patel Nagar Delhi >༒8448380779 Escort ServiceEnjoy Night⚡Call Girls Patel Nagar Delhi >༒8448380779 Escort Service
Enjoy Night⚡Call Girls Patel Nagar Delhi >༒8448380779 Escort Service
 

Financial Management Lesson Notes

  • 1. FINANCIAL MANAGEMENT Ekrem Tufan [email_address] Anadolu University Open Education Faculty Canakkale Office
  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12.
  • 13. An Overview o f Managerial Finance Board of Directors President Vice President:Sales Vice President:Manufacturing Vice President:Finance Treasurer Controller Credit Manager Inventory Manager Director of Capital Budgeting Cost Accounting Financial Accounting Tax department
  • 14.
  • 15.
  • 16.
  • 17.
  • 18.
  • 19.
  • 20.
  • 21.
  • 22.
  • 23.
  • 24.
  • 25.
  • 26.
  • 27.
  • 28.
  • 29.
  • 30.
  • 31.
  • 33.
  • 34.
  • 35.
  • 36.
  • 37.
  • 38.
  • 39.
  • 40.
  • 41.
  • 42.
  • 43.
  • 44.
  • 45.
  • 46.
  • 47.
  • 48.
  • 49.
  • 50.
  • 51.
  • 52.
  • 53.