Explanation:

- Option 1: To know earning capacity. This is not a limitation; in fact, financial analysis helps in evaluating a company's earning capacity.

- Option 2: To know financial strength. This is also not a limitation; it's a strength of financial analysis.

- Option 3: Do not reflect changes in price level. This is correct. One limitation of financial analysis is that traditional financial statements do not account for changes in price levels, such as inflation, which can affect comparability and true financial representation.

- Option 4: Comparative study with other firms. This is a benefit, not a limitation, as it enhances competitive analysis.

Correct Answer: Option 3 (Do not reflect changes in price level)