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.