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

	1.	If a firms net borrowing cost (NBC) is higher than the return on its net operating assets (NOA), the use of debt financing will enhance the return to the common shareholder
	2.	One of the reasons that the measure of leverage based on the reported accounting figures (debt-to-equity) will typically be higher than the comparable figure based on the reformulated financial statements (FLEV) is because the debt-to-equity ratio ignores financial assets
	3.	Typically, the return to the firm calculated based on reported accounting figures (ROA) will be lower than the comparable measure based on the reformulated financial statements (RNOA)
	4.	One of the critical aspects of undertaking sensitivity analysis is to ensure that the proposed changes to the financial ratios are feasible