Which of the following statements is true of business valuation principle?

A) Estimating the fair market value of a business includes the value of synergies or the effects of any investor-specific management style.

B) As per first valuation principle, the value of business does not change over time.

C) The value of a business is solely affected by managers' financing decisions.

D) The fair market value of a business is the value of that business to a hypothetical person who is knowledgeable about the business.