Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

Process of Financial Planning ends with:

<p style="text-align:justify;"><strong><span>(a) Preparation of Projected Statements,</span></strong></p> <p style="text-align:justify;"><strong><span>(b) Preparation of Actual Statements,</span></strong></p> <p style="text-align:justify;"><strong><span>(c) Comparison of Actual with Projected,</span></strong></p> <p style="text-align:justify;"><strong><span>(d) Ordering the employees that projected figures m come true.</span></strong></p>

user-image
Question added by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.
Date Posted: 2014/10/15
SREEDEVI SUNILKUMAR
by SREEDEVI SUNILKUMAR , Business finance officer , Emirates Airline

(c) Comparison of Actual with Projected,

georgei assi
by georgei assi , مدير حسابات , المجموعة السورية

Answer correct answer C

 

Deleted user
by Deleted user

Answer C is correct

Dasarathi Rath
by Dasarathi Rath , Sr. Accountant , Al Luban Special Investment LLC

C. Preparation of Actual statements....

Muhammad Hassaun
by Muhammad Hassaun , Shared Services Lead , M&P Express Logistics (Pvt.) Ltd.

Comparison of budgeted and actual is the correct answer.

Tanveer Qureshi
by Tanveer Qureshi , Director , Qureshi Associates

I think option C is right answer.

fathima fairose
by fathima fairose , Senior Accountant , GOLDEN COAST FZE HAMRIYAH FREEZONE PHASE1

C IS ANSWER

Santhosh Kumar Gopinath
by Santhosh Kumar Gopinath , Finance Manager , Arab Financial Services Company B.S.C (c), (Subsidiary of Arab Banking Corporation, Bahrain)

Answer C is correct. Financial Planning is an ongoing process which has to be done at least once a year in an organization.  Comparing the actual results with projections and taking corrective actions on a timely basis (based on the reason for variances) would always help to prepare a realistic financial plan for the company in future.

    CTRL + Q to Enable/Disable GoPhoto.it

Vinod Jetley
by Vinod Jetley , Assistant General Manager , State Bank of India

THE FINANCIAL PLANNING PROCESS

Consists of the Following Six Steps

ESTABLISHING AND DEFINING THE CLIENT-PLANNER RELATIONSHIP.

The financial planner should clearly explain or document the

services to be provided to you and define both his and your

responsibilities. The planner should explain fully how he will

be paid and by whom. You and the planner should agree on

how long the professional relationship should last and on

how decisions will be made.

GATHERING CLIENT DATA, INCLUDING GOALS.

The financial planner should ask for information about your

financial situation. You and the planner should mutually

define your personal and financial goals, understand your

time frame for results and discuss, if relevant, how you feel

about risk. The financial planner should gather all the

necessary documents before giving you the advice you need.

ANALYZING AND EVALUATING YOUR FINANCIAL STATUS.

The financial planner should analyze your information to

assess your current situation and determine what you must

do to meet your goals. Depending on what services you have

asked for, this could include analyzing your assets, liabilities

and cash flow, current insurance coverage, investments or

tax strategies.

DEVELOPING AND PRESENTING FINANCIAL PLANNING RECOMMENDATIONS AND/OR ALTERNATIVES.

The financial planner should offer financial planning

recommendations that address your goals, based on the

information you provide. The planner should go over the

recommendations with you to help you understand them so

that you can make informed decisions. The planner should

also listen to your concerns and revise the recommendations

as appropriate.

IMPLEMENTING THE FINANCIAL PLANNING RECOMMENDATIONS.

You and the planner should agree on how the recommenda-

tions will be carried out. The planner may carry out the

recommendations or serve as your “coach,” coordinating the

whole process with you and other professionals such as

attorneys or stockbrokers.

MONITORING THE FINANCIAL PLANNING RECOMMENDATIONS.

You and the planner should agree on who will monitor your

progress towards your goals. If the planner is in charge of

the process, she should report to you periodically to review

your situation and adjust the recommendations, if needed,

as your life changes

 

Mohamed El-Ghaish
by Mohamed El-Ghaish , Chief Financial Officer , Dr. Samir Abbas Medical Centers

As the result from Financial Planning will end with "Actual recommendation of a comprehensive financial plan for our client". in my humble opinion:  Answer is “ C “

Anayatullah Tahir
by Anayatullah Tahir , Finance Manager , Etqan Projects

Comparison of Actual and projected financials

More Questions Like This