1)All of the following are true of the free cash flow (FCF) analysis EXCEPT

a.it can also be calculated using the operating cash flow figure from the statement of cash flows less capital expenditures.

b.it includes adjustments for the difference between the change in total current assets and total current liabilities.

c.it must be a positive amount for it to be interpreted positively by investors.

d.it is considered a better representation of the value of the firm to shareholders than operating cash flow.