Which statement is not true about the use of models in economics? 1.  They are based on simplifying assumptions. 2.  They are used to forecast economic variaables such as GDP growth. 3.  They must closely mirror real life in order to be informative. 4.  There are often multiple models that seek to explain the same economic phenomena.  5.  They are usually represented graphically

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A:

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Financial Statements

Financial statements (or financial reports) are the formal records of the financial activities that are undertaken by a firm. They are convenient instruments used for analyzing a company’s financial position and performance. Financial ratios are created with the help of the numerical values that are derived from the financial statements. They give meaningful information about the financial performance of the company.