Financial control
o Ratio analysis ratios are calculated using selected information from the organization’s balance sheet and income statement.o Budget analysis à budgets are used for both planning and controlling.• Planning tool: indicates which work activities are important and what andhow much resources should be allocated to those activities.• Controlling tool: provides managers with quantitative standards against which to measure and compare resource consumption. Significant deviations require action and manager examines what has happened and why and then take necessary action.