Financial Modeling Practices Financial modeling professionals typically break their work down into modular steps for ease and transparency, before linking everything back to the three core financial statements. Which of the following is a true statement? Select ALL that apply. We can set up multiple checks to see if there are errors in our financial model. You should 'plug' an unbalanced balance sheet. It doesn't matter if a balance sheet balances because a decision will be made based on income statement data. The Balance Sheet acts as a natural error detection system