GENERAL KNOWLEDGE

Detailed explanation-1: -Some of the most used financial tools based on their usage and requirements are common size statements (vertical analysis), comparative financial statements (comparison of financial statements), ratio analysis (quantitative analysis), cash flow analysis, and trend analysis.

Detailed explanation-2: -Home » Accounting Dictionary » What is Financial Planning? Definition: Financial planning, also called budgeting, is the process of setting performance goals and organizing systems to achieve these goals in the future. In other words, planning is the process of developing business strategies and visions for the future.

Detailed explanation-3: -In order to be effective, a business plan should always be in writing. Effective planning is less important to the success of a business than other management functions, such as organizing, implementing, and controlling. The results of strategic planning are goals and strategies that guide the entire business.

Detailed explanation-4: -Operational planning is short-term planning that identifies specific activities for each area of the business.