Final answer:
Financial statement analysis is commonly used in the business industry. Two highly competitive industries that require financial statement analysis are the telecommunications industry and the automobile industry.
Step-by-step explanation:
Financial statement analysis is commonly used in the business industry. It involves analyzing the financial statements of companies to evaluate their performance and make informed decisions. By examining the income statement, balance sheet, and cash flow statement, analysts can assess a company's profitability, liquidity, solvency, and efficiency.
Two highly competitive industries that require financial statement analysis are the telecommunications industry and the automobile industry. In the telecommunications industry, companies like Verizon, AT&T, and T-Mobile compete fiercely to attract customers and increase market share. In the automobile industry, companies like Toyota, Ford, and General Motors compete to produce and sell the most innovative and high-quality vehicles.