Which of the following statements are true regarding the balance sheet?
1. One cannot determine the true fair market value of a company by reviewing its balance sheet.
2. Certain internally generated assets, such as a trademark, are not reported on a company’s balance sheet.
3. A balance sheet shows only the ending balances, in a summarized format, of all balance sheet accounts in the accounting system as of a particular date.
a. None are true.
b. Statements 1 and 2 only are true.
c. Statements 2 and 3 only are true.
d. All statements are true.
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