Indicate whether each of the below statements is TRUE or FALSE

1. A financial statement analysis report helps to reduce uncertainty in business decisions through a rigorous and sound evaluation.

2. The evaluation of company performance and financial condition focuses solely on past performance.

3. 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.

4. Standards for comparison when interpreting financial statement analysis include competitor and industry performance data.

5. The building blocks of financial statement analysis include (1) liquidity, (2) solvency, (3) profitability, and (4) market prospects.