T F 1. Financial statement analysis is the application of analytical tools to general-purpose financial statements and related data for making business decisions. T F 2. Financial statement analysis may be used for personal financial investment decisions. T F 3. The evaluation of company performance and financial condition includes cvaluation of (1) past and current performance, (2) current financial position, and (3) future performance and risk. T F 4. External users of accounting information make the strategic and operating decisions of a company. T F 5. Financial analysis only refers to the communication of relevant financial information to decision makers. T F 6. Profitability is the ability to generate future revenues and meet long-term obligations. T F 7. Liquidity and efficiency are the ability to meet short-term obligations and to efficiently generate revenue. T F 8. The building blocks of financial statement analysis include (1) liquidity, (2) salability, (3) solvency, and (4) profitability. T F 9. General-purpose financial statements include the (1) income statement, (2) balance sheet, (3) statement of stockholders' equity (or statement of retained earnings), (4) statement of cash flows, and (5) notes to these statements. T F10. Standards for comparison when interpreting financial statement analysis include competitor and industry performance data