Read the following and rectify the errors:

1. Financial statement analysis is the application of analytical tools to general-purpose financial statements and related data for making business decisions.

True False

2. Financial statement analysis lessens the need for expert judgment.

True False

3. Financial statement analysis may be used for personal investment decisions.

True False

4. The evaluation of company performance and financial condition includes evaluation of (1) past and current performance, (2) current financial position, and (3) fixture performance and risk.

True False

5. External users of accounting information make the strategic and operating decisions of a company.

True False

6. One purpose of financial statement analysis for internal users is to provide information helpful in improving the company's efficiency and effectiveness in providing products and services.

True False

7. Evaluation of company performance does not include analysis of (1) past and current performance, (2) current financial position, and (3) future performance and risk.

True False

8. A company's board of directors analyzes financial statements to assess future company prospects for making operating decisions.

True False

9. Financial analysis only refers to the communication of relevant financial information to decision makers.

True False

10. Profitability is the ability to generate future revenues and meet long-term obligations.

True False