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New World

In: Business and Management

Submitted By jmidejesus
Words 6865
Pages 28
Chapter 4

Financial Planning and Forecasting

LEARNING OBJECTIVES

After reading this chapter, students should be able to:

• Briefly explain the following terms: mission statement, corporate scope, corporate purpose, corporate objectives, and corporate strategies.

• Briefly explain what operating plans are.

• Identify the six steps in the financial planning process.

• List the advantages of computerized financial planning models over “pencil-and-paper” calculations.

• Discuss the importance of sales forecasts in the financial planning process, and why managers construct pro forma financial statements.

• Briefly explain the steps involved in the percent of sales method.

• Calculate additional funds needed (AFN), using both the projected financial statement approach and the formula method.

• Explain the conditions under which the percent of sales method should not be used.

• Identify other techniques for forecasting financial statements discussed in the text and explain when they should be used.

LECTURE SUGGESTIONS

In Chapter 3, we looked at where the firm has been and where it is now--its current strengths and weaknesses. Now, in Chapter 4, we look at where it is projected to go in the future. The details of what we cover, and the way we cover it, can be seen by scanning Blueprints, Chapter 4. For other suggestions about the lecture, please see the “Lecture Suggestions” in Chapter 2, where we describe how we conduct our classes.

DAYS ON CHAPTER: 3 OF 58 DAYS (50-minute periods)

ANSWERS TO END-OF-CHAPTER QUESTIONS

4-1 Accounts payable, accrued wages, and accrued taxes increase spontaneously and proportionately with sales. Retained earnings increase, but not proportionately.

4-2 The equation gives good forecasts of financial requirements if the ratios A*/S0…...

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