Which of the Following Statements Is Untrue

Which of the following statements is untrue?:

A) Ratio analysis is most usually conducted in the context of a benchmark such as past performance, goal achievement, performance of similar organisations, industry average data, etc.
B) A ratio analysis can be systematically structured by investigating a company's profit performance and its financial stability.
C) It is common to investigate the financial stability of an organisation according to two perspectives: the short term and the long term.
D) Analysis of the profitability of a firm can be conducted according to two perspectives: profit margin and financial stability.
E) When calculating ROI, what is meant by 'return' and also 'investment' is dependent on the context in which the analysis is being made.