The management of Google has several important strategic decisions to make this budget year. A significant limitation for IBM's financial managers using the company's historical balance sheet to make financial decisions is that:

A. many significant items on the balance sheet are shown at historical cost and financial managers prefer current or market value amounts for purposes of future decision making.

B. the balance sheet does not include the firm's debts (i.e., liabilities)

C. the inclusion of intangible items overstates the value of the firm

D. most items on the balance sheet are shown at market value