What are the steps of business analysis using financial statement ?

1) Strategy analysis:

                   Identifying a firm's strategy and understanding sources of its competitive advantage.

2) Accounting analysis:

                   Assessing how a firm's financial statements reflect its economics and determining whether any adjustments are needed. This new edition (5th ed) specifically covers measurement questions for firms reporting under US GAAP and International Standards.

3) Financial analysis:

                   Evaluating a firm's performance using ratios and cash flow data and

4) Forecasting future performance and estimating its value.