Please answer the question from the following information:

A colleague has suggested that your company should invest in The End Game limited and that all you need to do to decide whether it is a good idea or not is to get a copy of their financial statements. They said that the only type of analysis required would be to use ratio analysis and that should provide you with the answers.

Question:

Looking at the information that is used in ratio analysis, coming from the financial statements and the notes, please present details highlighting and discussing three limitations of using ratio analysis as your major analysis method.