Business Question

For this part of your business report, you are to provide an analysis on financial statements, strategic planning, budgeting, and forecasting. In the context of this Assignment, the organization’s leaders would use this information to develop their draft budget, which they would then provide to you for the budget preparation. In your analysis, address the following:

• Describe the four basic financial statements—income statement, statement of stockholders’ equity, statement of financial position (also known as a balance sheet), and statement of cash flows—and the purpose of each.
• Compare the concepts of strategic planning, budgeting, and forecasting for an organization. Specifically:
  • Describe each concept and the ways they are interrelated as well as their differences.
  • Analyze the role that each concept plays within an organization. In your analysis, be sure to include how strategic planning, budgeting, and forecasting are used to improve organizational performance.
  • Be sure to include citations and references to support your work.
• Explain what responsibility centers are (in general) as well as the three types of responsibility centers: cost centers, profit centers, and investment centers.
• Identify the decision rights assigned to each type of center, being sure to include examples for each type of responsibility center.

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