Which statement is TRUE?

a$.$ Gross profit margin $($GPM$)$ will always be less than operating profit margin $($OPM$).$

b$.$ You should strive to maximize the fixed asset turnover ratio $($FAT$).$

c$.$ The TIE ratio is a liquidity ratio.

d$.$ The Statement of Cash Flows removes GAAP accounting rules and converts the balance sheet to a "stock" financial statement, which is better than a "flow" statement.

e$.$ IF EM is increasing over time, that means the firm is using less debt than they have in the past.