True or False

ROE is increased with Debt levels. When companies have significant interest-bearing Noncurrent Liabilities, these are viewed as a source of Invested Capital. ROE measures NOPAT/Equity. Including Cash and Cash Equivalents stockpiles in Current Assets distorts the value of current assets required to operate the business. ROA rises with high levels of Intangible Assets. There is a single widely accepted ROIC calculation. Long-term Marketable Securities are not as liquid as Short-term Marketable Securities and needs to be segregated. The core operating business has a significantly different return profile than large Cash stockpiles and Intangible Assets. The classic definition of ROIC treats Noncurrent Liabilities similar to the treatment of Debt, i.e., as a source of invested capital