Which of the following statements is (are) not consistentwith generally accepted accounting principles relating toasset valuation?a. Most assets are originally recorded in accountingrecords at their cost to the business entity.b. Subtracting total liabilities from total assets indicateswhat the owners’ equity in the business is worth undercurrent market conditions.c. Accountants assume that assets such as offi ce supplies,land, and buildings will be used in business operationsrather than sold at current market prices.d. Accountants prefer to base the valuation of assets on objective, verifi able evidence rather than upon apprais-als or personal opinions.

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