1. Which of the following is not correct about asset-based valuation technique?

1. Asset-based valuation attempts to redo the balance sheet by getting current market values for assets and liabilities listed on balance sheet.
2. Asset-based valuation attempts to redo the balance sheet by identifying omitted assets and assigning a market value to them.
3. Getting the value of operating assets when there is no market for them is a potential limitation of asset-based valuation technique.
4. Asset-based valuation is not suitable for firms such as oil and gas and mineral products.