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3 Tutorials that teach Financial Planning
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Financial Planning

Financial Planning

Author: Aisha Williams
Description:

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

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Tutorial
TERMS TO KNOW
  • 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.

  • Statement of Cash Flows

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

  • Accounting equation (A = L + OE)

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

  • Assets

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

  • Liability

    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.

  • Revenue

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