INTRODUCTION
Cash has been identified by many scholars as an important element
of decision making of every functional entity. It is one of one of the most important
factors that interact with profitability and survival of an organization
(Bingilar and Oyadonghan, 2014).
Cash is current
assets comprising currency or currency equivalents that can be accessed
immediately or near-immediately (Wikipedia, 2018). Bingilar and Oyadonghan (2014) posit that cash flow
is a crucial factor that enhances the operations of a company. Cash flow as
stated by Uremadu (2004) is a pool of funds that a company adds to its
non-current assets, inventories, account receivables and marketable securities
which in turn generates corporate profit. Uremadu, submits further that for
cash flows to be well structured and effectively utilized, a business firm must
be able to devise various ways for selecting the best components of its cash flows
which would be utilized in the company’s operation to raise its productivity
level and achieve financial performance.
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