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Which of the following is the best description of the financial statement analysis framework? State the...

Which of the following is the best description of the financial statement analysis framework?

State the objective and context, gather data, process the data, analyze and interpret the data, report the conclusions or recommendations, update the analysis.

Gather data, analyze and interpret the data, determine the context, report the conclusions, update the analysis.

Gather data, analyze and interpret the data, process the conclusions, assess the context, report the recommendations, update the analysis.
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Answer #1

The correct answer is:

State the objective and context, gather data, process the data, analyze and interpret the data, report the conclusions or recommendations, update the analysis.

Every analysis starts with stating the objective or understanding the purpose of it. After all analysis, conclusions are reached and acted upon.

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