Final answer:
The statement is false as horizontal and vertical analysis are not exclusively used for analyzing a single company; they can also be employed to compare different companies within the same industry.
Step-by-step explanation:
The statement "Horizontal analysis and vertical analysis are used to analyze the performance of a single company" is false. Both horizontal analysis and vertical analysis are financial analysis tools, but they can also be used to compare different companies within the same industry. Horizontal analysis evaluates financial statements line-by-line to determine the changes over a period of time, whereas vertical analysis compares each line item on a financial statement to a base number within the same statement, to see the relative size of each component with respect to total figures.