Indicate whether each of the following statements about return on investment is true or false.

Return on investment for a division is calculated by dividing net income by total assets.

Using book value as the valuation base for calculating return on investment can distort ROI and cause motivational problems among managers.

Accounts receivable are not included in operating assets for the purpose of calculating return on investment.

Return on investment could be calculated based on historical cost or replacement cost for a division's assets.

Return on investment can be calculated by multiplying margin by turnover.

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