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3 Tutorials that teach Financial Planning
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Financial Planning

Financial Planning

Author: Aisha Williams

This lesson discusses the role of financial planning in an organization.

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Terms to Know
Accounting equation (A = L + OE)

Assets is equal to the Liabiabilities and Owner’s equity.


Items that are solid (such as a building) or abstract (such as a brand) that can produce value and/or adds monetary value.

Balance Sheet

A ledger that compiles the holdings, liabilities and funds; laying out the income and expenditures, of an organization during a specific point in time.

Income Statement (R - E = P or L)

A report reflecting the income (R/ revenue) minus the expenses (E) for a set period of time.


An item that is a present burden.

Owners' equity

This is a mathematical formula indicating the owner’s contributions to the organization minus the liabilities of the organization.


The money acquired by an organization during a specific period of time

Statement of Cash Flows

A report reflecting the amount of revenue created and spent during a specified period of time.