first, and most critical, step in constructing a set of forecasted financial statements is the sales forecast.

Name: first, and most critical, step in constructing a set of forecasted financial statements is the sales forecast.
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The sales forecast is the first and most critical step in constructing a set of forecasted financial statements as it provides the foundation for projecting the company's revenues and expenses, which in turn drive the other components of financial statements.

First, and Most Critical, Step in Constructing a Set of Forecasted