Companies' "Book Values" Are Generally Much Less Than Their Stock

Multiple Choice

Companies' "book values" are generally much less than their stock market valuations because

A) auditors tend to err on the conservative side.
B) accountants are generally required by accounting standards to ignore the value of brands and all other reputational assets.
C) to be on the safe side accountants tend to undervalue brand values.
D) accountants and marketing experts have different methods of valuing brands.