Which of the following is NOT a limitation of ratio analysis?

The correct answer is current market trends, as this is not typically considered a limitation of ratio analysis. Ratio analysis relies on historical financial data, which can be used to evaluate past performance and make comparisons over time or against industry benchmarks. While current market trends are important for understanding the broader economic environment and can influence financial performance, they do not inherently limit the effectiveness of ratio analysis itself.

In contrast, the other options represent valid limitations of ratio analysis. Historical information can be problematic because it may not reflect the current or future state of the business; past performance does not guarantee future results. Window dressing refers to practices that may artificially enhance the appearance of financial statements at year-end, leading to misleading ratios. Non-financial information is also a limitation since ratios focus strictly on quantitative data and can overlook qualitative factors, such as employee satisfaction or market position, which are crucial for a comprehensive analysis.