When calculating turnover ratios as part of an analysis of a company's efficiency, broadly speaking, which statement best describes what you may be expected to learn from your analysis?

	A.	Turnover analysis is primarily used for estimating the Cash Conversion Cycle.
	B.	Asset turnover is an input to the DuPont equation.
	C.	Turnover analysis primarily provides information on whether A/R collections are in line with a company's credit policy and whether or not some inventory may be obsolete.
	D.	Turnover analysis provides an assessment, within a range, of how efficiently a company deploys its assets while also identifying potential areas of underinvestment.

Separating fact from opinion is an important facet of preparing a report detailing a financial analysis. Which of the following analyses and/or report sections would have the highest likelihood of containing matters pertaining to the opinion of the analyst?

	A.	Displaying historical financial statements, together with common size and comparative analyses.
	B.	Development of a forecast of future free cash flows together with narrative support for the assumptions and process utilized.
	C.	Calculation of Financial Statement ratios.
	D.	Summarizing key economic events occurring nationally or in the world.