Which of the Following Statements Concerning Net Tangible Asset Backing

Which of the following statements concerning net tangible asset backing (NTAB) per share is not true?

A) it determines the cash available per share if the company liquidates.
B) the difference between NTAB and the market share price is an indication of the market's assessment of the entity's future growth prospects.
C) it expresses the book value of an entity's tangible assets per ordinary share issued.
D) intangible assets are excluded from the calculation.