5 a. The Historical Cost Principle states that: All financial information must be stated at what the company can realize in value if it sold all of the asset the company owned. b. A revenue is recorded for the amount you paid for it. Assets must be recorded at the cost they are acquired for and must be kept at that cost in the accounting system until they are disposed off. d. All of the above. The normal balance of an account for an Owners Equity account would C. 6 be: a. A debit. b. C. The same as an Asset Account. The amount that was invested by the companies owner. A credit d. 7 a. b. C. d. The Industrial Practices Principle states that: A company must follow the same rules as other companies. If all the companies in an industry violate the same principle then a company in that industry can violate the same principle. Require a company to ahear to the priciples even if other companies within the industry are not Allows a company to change the way they are recording a transaction What is a Current Asset? An asset that is about to be sold. A fixed asset that has a long life. Any asset that has an economic life of over a year. An asset the will be consumed within a 12 month period. 8 a. b. C. d