Question：Which of the following statements are valid criticisms of return on investment (ROI) as a performance measure?

　　A. Its use may discourage investment in new or replacement assets

　　B. It is misleading if used to compare departments with assets of different ages

　　C. The figures needed are not easily available

　　D. It is misleading if used to compare departments with different levels of risk

　　The correct answers are:

　　It is misleading if used to compare departments with different levels of risk,

　　It is misleading if used to compare departments with assets of different ages

　　and

　　Its use may discourage investment in new or replacement assets.

　　The figures needed to calculate ROI are easily available from the financial accounting records.