True or False

-It is a flaw to believe that the use of leverage creates value, because leverage does not increase cash flows from an investment.

-Markets properly adjust for differences in accounting for employee and management stock options.

-Long-term debt is generally forecasted as a percentage of Sales.

-Non-operating assets do not affect the value of the firm.

-One of the drawbacks to both precedent and comparable companies analysis is that multiples may be skewed depending on capital markets and/or economic environment at the time of the transaction.