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Assignment5 SBM - TESC October 2011 MAN432-GS009 Small...

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TESC, October 2011 MAN432-GS009 Small Business Management Assignment 5 1. Explain how various financial statements are used in management’s development of the business plan. Be specific. The financial statements of great importance when developing a business plan. They will help to forecast many of the liabilities and revenue the company will accumulate over the course of business. The income statement when developing a business plan will help show the net profits that the company will/has made. The alias to income statement is profit and loss statement and this is because that is what it shows. The income statement is important to the business plan because it will show what a company’s revenues minus all its expenses would equate to, leaving the company’s profit or net income or net loss. This can be a critical area to find out how to save costs and where you can cut back to increase profitability. The balance sheet is important
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