Which of the following would be helpful to an analyst evaluating the performance of a firm?

(a) Understanding the economic and political environment in which the company operates

(b) Reviewing the annual reports of a company's suppliers, customers, and competito

(c) Preparing common-size financial statements and calculating key financial ratios for the company being evaluated.

(d) All of the above Which of the following is not required to be discussed in the Management Discussion and Analysis of the Financial Condition and Results of Operations?

(a) Liquidity

(b) Capital resources

(c) Operations

(d) Earnings projections