Two reasons for why financial statements tend to be less useful in the analysis of privately held businesses than in the analysis of publicly held businesses is that

Select one:

a. Private firms financial statements are strongly influenced by tax rules and (ii) managers of private firms have less incentive to prepare informative financial statements than managers of public firms

b. Private firms (i) financial reporting is unregulated and (ii) financial statements are not publicly available

c. None of these

d. Private firms financial statements (i) do not comply with tax rules and (ii) are not publicly available