Abstract: The evolution of financial analysis is accompanied by an extensive use of indicators whose calculation is based on data provided both by entities in their financial statements and by financial markets. The analysis of data and indicators generated by the capital market is considered to be of primary importance when studying the financial position of enterprises. This view is supported by a substantial number of analysts and, although not applicable to all enterprises, it raises a number of questions, two of them being whether the new analytical indicators are replacing the classic indicators of financial statement analysis and whether financial statements have retained their fundamental role as a primary source of data in studying the financial position of enterprises. The objective of this paper is to answer these questions by approaching the interpretation of financial statements within the context of some unorthodox views about the evolution of financial analysis.
Abstract: The study aims to test tools of economic analysis from different classification groups by using real data in order to derive the main characteristics of the Bulgarian tourism market serving as a basis for making sound management decisions. Tools for factor and structural analysis are used in compliance with the purpose of the article. It is argued that a tourism market research approach combining in a balanced way the tools typical of economic analysis with those applicable to other fields of knowledge has the potential to provide the necessary information environment for effective management of tourism activities at macro and micro levels. As a result of the study, it is concluded that the use of a similar balanced research approach makes it possible to reveal both the strengths and weaknesses of the Bulgarian tourism market and the gaps in the information presented. The outlined information deficit hinders the analysis and the timely development of operational, tactical and strategic decisions, respectively.