Which of the following regarding financial statement analysis is NOT correct?

Select one:

a$.$ According to the Du Pont identity, ROE is affected by operating efficiency, asset use

efficiency, and financial leverage.

b$.$ It is straightforward to calculate the market value based measures of firm

performance using financial statements prepared according to IFRS.

c$.$ Asset management ratios measure the intensity and efficiency of asset use.

d$.$ For common size statements, we divide asset and liability accounts by total assets

and statement of comprehensive income accounts by sales.

e$.$ An increase in a firm's net fixed assets is considered to be a use of cash.