单选题 Achaea Corporation reported that its return on equity, which had been in a declining trend through the year 20X3, improved in 20X4 and 20X5. An analyst uses an extended DuPont formula to decompose Achaea's return on equity :

【正确答案】 C

【答案解析】The improvement in net income in the last two years resulted from the effect of no operating items , or pretax income divided by operating income, changing from a net no operating expense (ratio ＜ 1.0) to net no operating income (ratio ＞ 1.0). This effect more than offset the continuing deterioration in the operating profit margin (operating income/revenues) and the company's decreasing use of financial leverage (average assets/average equity). Total asset turnover (revenues/average assets) remained stable over the period.