How to approach a HF modeling test as an undergrad?

Have a modeling test coming up in the next few days - unsure how to best go about it. Context is HF is GARP/Growth oriented, so gut feeling is that they will not weight BS + CFS that much, but nailing cost items and rev build is important. They didn't give a lot of info but said it would be financial analysis focused.

  1. How do I make a simplified BS+ CFS? What level of complexity is best? I've never tried to simplify one before as every time i've made one it's always been the whole thing or nothing. It seems best to break out big items like changes in AR, AP, prepaid, etc, but then group the others under other.

  2. What are the most important things to focus on?

  3. Anything else? How would you approach it?

Many thanks

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