Question: It is important to understand the financial planning process, including long-term financial plans and short-term financial plans. (a) Why is the cash budget regarded as

It is important to understand the financial planning process, including long-term financial plans and short-term financial plans.

(a) Why is the cash budget regarded as a primary tool in short-term financial planning? Discuss. ( 10 )

(b) Why do most audited financial reports to the shareholders include a statement of cash flows in addition to the balance sheet and income statement? Discuss.

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