Final answer:
The system that monitors the financial status of a facility and its activities is called financial management or financial reporting. It involves tracking expenses, revenues, assets, and liabilities to provide information for decision-making and improve financial performance.
Step-by-step explanation:
The system of monitoring the financial status of a facility and the financial results of its activities is known as financial management or financial reporting.
Financial management involves tracking expenses, revenues, assets, and liabilities to provide accurate and relevant information for decision-making. It helps managers and stakeholders understand the financial health of a facility and make informed choices.
Some of the key components of financial management are budgeting, financial statements, cash flow analysis, and ratio analysis. By employing these tools, businesses can assess their financial performance, identify areas of improvement, and make strategic decisions.