Final answer:
The financial manager needs to devote time to management of working capital.
Step-by-step explanation:
The statement that the financial manager generally needs to devote little time to management of working capital is False. The management of working capital, which includes managing the company's current assets and liabilities, is a crucial task for the financial manager. Working capital management involves optimizing the level of cash, inventory, accounts receivable, and accounts payable to ensure smooth operations and maximize profitability.
For example, the financial manager needs to monitor cash flow to ensure there is enough liquidity to cover the company's day-to-day expenses. They also need to manage inventory levels to avoid excessive holding costs or stockouts. Additionally, they must handle accounts receivable to minimize bad debts and accounts payable to maintain good relationships with suppliers.
In conclusion, the financial manager plays a vital role in managing working capital to ensure the financial health and success of the company.