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Which of the following statements is/are incorrect: I. Internally-generated goodwill does not feature...

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Accounting

Which of the following statements is/are incorrect:
I. Internally-generated goodwill does not feature on the SOFP, but acquired goodwill is shown as an asset on the SOFP.
II. Reporting the value of inventory at the lower value between acquisition cost and net realisable value on the SOFP is an illustration of the conservatism (prudence) convention.
III. Depreciation represents the loss in market value of an asset over its useful life.
IV. The total assets on the SOFP most often understate the value of the business, due to important intangible assets with subjective valuations missing from the SOFP and the assets shown on the SOFP appearing in most cases at their historical cost, instead of their market values.
V. Last-in-First-Out (LIFO) method assumes that the most recently acquired inventories are sold throughout the year, and this method is allowed under International Financial Reporting Standards (IFRS).
Select one:
a.(IV) and (V)
b.(II),(IV) and (V)
c.(I),(II),(III) and (IV)
d.(I),(II),(IV)
e.(II) and (III)
f.(III) and (V)
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