In fact, I think this is an elementary lesson on how to study for tests. You have to use your “secondary school knowledge” (as my college professor used to say) when doing your Quiz for me. Do you remember how we learned our multiplication facts? We learned it by repeating it to ourselves over again until we became familiar with it? Of course, in financial statement analysis, the same thing happens with integrated financial statement analysis and the University examinations that are organized around it.
Therefore, the second step in engaging in financial statement analysis and the University examinations are to familiarize yourself with financial statement analysis and some basics. Do not just rush to engage in financial statement analysis and start writing complex expressions just because you want to pass your exams. It is better if you could make an integrated approach with your Quiz for me and your integrated approach with the real world financial statements and the real world analysis. Just make sure you understand that financial statements and analysis are different.
One approach to financial statements and financial analysis is through the use of modules and the other approach is to make a list of items from which you can extract the financial statement information. Now, with Quiz for me, this task is easier because you get a complete financial statement from the modules. This means that you can extract data from different modules into your financial statement. For example, if you are going to do the inventory module, you can extract data from the sales module and use it to calculate the average selling price per item and then calculate the cost per item sold. This will allow you to understand the pricing variation across different items sold.
If you have problems using modules, there is another approach to help you take my an integrated approach to financial statement analysis and that is through the use of a spreadsheet application. This application will allow you to take your financial statements and analysis on the fly. For example, if you just need to determine the average selling price per item, you can easily copy and paste the formula into your spreadsheet application. If you need to track multiple variables, you can just type them in and drag and drop them into their corresponding cells in your spreadsheet application.
Apart from the financial statements, you can also use other modules to support your financial statements and that is the case with the modules for regression analysis, trend analysis and relationships among variables. The module for regression will help you predict the data set used by the regression module and that will be helpful for predicting the price changes for every variable. Another useful module for you to take my an integrated approach to financial statement analysis is the trend module. With this module, you will be able to identify the price variations across time. As we know that prices of products and services tend to change from time to time, this module will help you to do the same.
The relationship among the variables in the financial statement is also important so you should include this module too. The module called the relationships module will help you to predict the common results of all the factors separately. You can have a look at the examples given for this purpose. This financial statement analysis will be very much useful for you, since it will help you to get a complete picture about what all is happening in the financial statement.
There are many more modules you can select from and you can do your financial statement analysis in the way that suits you best. However, make sure that you understand the theory behind every module before you select one. It is good to have a feel of how things work and how you would like to analyze the data. This way, you will not have any problem when you do the real life stuff!