Accounting has numerous examples of book value accounts that do not reflect fair (or market) value.

A) Please select an example from among the current assets, an example from among the noncurrent assets, an example from the liabilities, and an example from among the equity items where book value may not equal fair (market) value (except that you may not select book value and market value of the firm) and explain why the differences exist.

B) Please explain the difference between book value of the firm and market value of the firm. Why does this difference exist, and what does it mean to have a market value that is significantly higher than the book value of the firm and, conversely, discuss the case where market value of the firm is equal to, or is significantly lower than, the book value of the firm?