$1-$ The evaluation of company performance and financial condition focuses solely on past

performance $.$

True False

$2-$ 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

$3-$ Financial reporting includes not only general purpose financial statements, but also

information from SEC filings, press releases, shareholders' meetings, forecasts,

management letters, auditor's reports, and Webcasts.

True False

$4-$ Standards for comparison are not generally necessary when making judgments about a

company's performance.

True False

$5-$ Market prospects are the ability to provide financial rewards sufficient to attract and

retain financing.

True False

$6-$ Standards for comparison when interpreting financial statement analysis include

competitor and industry performance data.

True false

$7-$ Liquidity and efficiency are the ability to meet short$-$term obligations and to efficiently

generate revenue.

True false

$8-$ One purpose of financial statement analysis for internal users is to provide strategic

information to improve company efficiency and effectiveness in providing products and

services.

True false