Financial Statement Analysis Framework

Which would be the _most likely_ first step an analyst should take when processing data for analysis?

Incorrect. This would be a last step in the processing data phase as it would build on the data processes from the current period.

Correct. Once the data are all in hand, making any adjustments is the first step before additional processing can be completed.

Incorrect. Such conversations would be part of collecting data, done before the analyst begins processing the data.

Create forecasts

Adjust statements as needed

Discuss financial statements with management