Which of the Following Statements Is True of Business Valuation

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

A) As per first valuation principle, the value of business does not change over time.
B) The value of a business is solely affected by managers' financing decisions.
C) The fair market value of a business is the value of that business to a hypothetical person who is knowledgeable about the business.
D) Estimating the fair market value of a business includes the value of synergies or the effects of any investor-specific management style.