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To apply the insights gained from the conceptual overview of the business system, we must now look for available information that will:
•    Allow the manager or analyst to track the financial condition and operating results of the business.
•    Assist in understanding the cash flow patterns in more specific terms.
In the process of financial/economic analysis, a variety of formal or informal data are normally reviewed and tested for their relevance to the specific purpose of the analysis. The most common form in which basic financial information is available publicly, unless a company is privately held, is the set of financial statements issued under guidelines of the Financial Accounting Standards Board (FASB) of the public accounting profession and governed by the U.S. Securities and Exchange Commission (SEC). Such a set of statements, prepared according to generally accepted accounting principles (GAAP), usually contains balance sheets as of given dates, income statements for given periods, and cash flow statements for the same periods. A special statement highlighting changes in owners’ equity on the balance sheet is commonly provided as well.
Since financial statements are the source for a good portion of analytical efforts, we must first understand their nature, coverage, and limitations before we can use the data and observations derived from these statements for our analytical judgments. Financial statements reflect the cumulative effects of all of management’s past decisions. However, they involve considerable ambiguity. Financial statements are governed by rules that attempt to consistently and fairly account for every business transaction using the following conservative principles:
•    Transactions are recorded at values prevailing at the time.
•    Adjustments to recorded values are made only if values decline.
•    Revenues and costs are recognized when committed to, not when cash actually changes hands.
•    Periodic matching of revenues and costs is achieved via accruals, deferrals, and accounting allocations.
•    Allowances for negative contingencies are required in the form of estimates that reduce both profits and recorded value, usually affecting shareholders’ equity or special set-asides.
These rules leave reported financial accounting results open to considerable interpretation, especially if the analyst seeks to understand a company’s economic performance and to establish the basis for shareholder value results. It’s common practice among professional analysts to adjust the data reflected on financial statements for known accounting transactions which do not affect cash flows, and to make assumptions about the economic values underlying recorded asset values.

Do larger firms have lower minimum unit costs than smaller ones? The answer to this question depends on which industries are being considered. There is a sound basis, though, for expecting some initial reductions in per- unit cost from large-scale production methods.
Volume of output denotes the total number of units of a product that the firm expects to produce T.~here are three major reasons why planning a larger volume generally reduces, at least initially, unit costs: (1) economies accompanying the use of mass-production methods, (2) higher productivity as a result of     specialization and “learning by doing,” and (3) economies in promotion and purchasing.
Let‘s consider each of these factors.
Mass-production techniques usually are economical only when large volumes of output are planned, since they tend to involve large development and setup costs. Once the j    production methods are established, though, marginal costs are low. For example, the use : of molds, dies, and assembly line production methods reduce the per-unit cost of automobiles only when the planned volume is in the millions. High-volume methods, although cheaper to use for high rates of output and high volumes, will typically require high fixed costs and therefore cause unit costs to be far higher for low volumes of production. Large-scale operation also allows the specialized use of labor and machines. In a giant auto plant, hundreds of different jobs must be done, and many of them require a training period for each worker. In a small plant, the same worker might do ten or twenty of these jobs, so each worker would have a much longer, more costly training period. Even then, the worker doing so many tasks might never fully develop the same level of proficiency of the more specialized worker. Baseball players improve by playing baseball, and pianists by playing the piano. Similarly, the employees of a firm improve their skills as they experience “learning by doing” in their jobs.Even better, concentration on a narrower range of tasks can help workers discover or develop cost-reducing techniques. The result of greater size and specialization is often more output per unit of labor.
Large firms are also able to achieve lower costs by spreading fixed costs (like the costs of advertising, developing specialized equipment, and searching out and negotiating better input prices, for example) over many more units. For example, both McDonald’s and General Motors are able to spread these costs over a large number of stores and volume of sales. The cost advantages of scale come in many forms.