Which of the following statements relating to financial statement analysis is NOT true?

	1.	Forecasting a change in the turnover ratio for an individual asset account in the Balance Sheet will typically have implications for other figures in the forecasted financial statements
	2.	One of the reasons that the return to the firm calculated based on reported accounting figures (ROA) will typically be lower than the comparable measure based on the reformulated financial statements (RNOA) is because ROA includes financial assets
	3.	If a firm has net financial assets, its RNOA will typically be lower than its ROCE
	4.	Typically, the measure of leverage based on the reported accounting figures (debt-to-equity) is higher than the comparable figure based on the reformulated financial statements (FLEV)