You learned that financial statements tell only a part of the story of a company. Red flags or warnings about a company’s financial condition that might not show in a typical ratio analysis might be detected in a q _____ o e ______ analysis. Warning signals are often identified early in the analysis to help direct the focus of the analysis. Thus, one reason for thinking about a company’s quality of earnings is to detect r _ f ___ . While detecting red flags is useful for investors and analysts, this process is very subjective. It is usually the [final step of an / the beginning of a more detailed] analysis.