4. Which is an example of liquidity ratios? a) Revenues/(Share capital + Reserves + Non-current liabilities) b) Average inventories held/Cost of sales 365 c) Cash/Current liabilities d) Interest payable/Operating profit 5. Which is most correct about the comparable company analysis? a) Implied valuation for a private firm can be obtained by comparing it with other private firms. b) The analysis derives an objective and accurate valuation for a firm. c) A set of comparable firms can be defined in more ways than one. d) Either a price-to-earnings (P/E) or a price-to-shareholder equity (P/SE) must be used