18. Horizontal analysis a) is financial statement data that is viewed horizontally from the right to left across time. b) requires the financial statement data under analysis to be divided by the base amount in that financial statement. c) is financial statement data that is viewed vertically from top to bottom within the same period of time. d) is always used for intercompany comparisons. 19. A receivables turnover ratio that is significantly higher than the industry average may Indicate: a) a collection problem. b) that a company's credit-granting policies are too loose. c) that a company's collection period is higher than the industry. d) that a company's credit-granting policies are too tight. 20. An inventory turnover ratio a) measures the number of times, on average, the inventory was sold during the period. b) is a measure of solvency that focuses on efficient use of inventory. c) that is significantly lower than the industry average usually indicates difficulty with selling that inventory and the likelihood of incurring lower than average storage costs. d) that is significantly higher than the industry average may indicate that a company is maintaining inventory levels that are too high