Q26 State why financial analysis is considered historical in nature.
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A financial statement is a collection of data organized according to logical and consistent accounting procedures. Its purpose is to convey an understanding of some financial aspects of a business firm. It may show a position at a moment in time, as in the case of a balance sheet, or may reveal a series of activities over a given period of time, as in the case of an income statement.
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Such recorded information are used for preparing financial statements. After some gradual passage of time, these recorded information become historical in nature. Besides, the financial statements>re showing results of the various transactions which are taken place at various dates.
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