Need some help with accounting.

1) Under U.S. GAAP at what conceptual amount (value) are most current and long-term assets valued (in general) on the Balance Sheet (be clear, please)?

2) Why is this valuation amount selected?

3) Is it the most relevant amount to report? Why or why not?

4) Are there any exceptions to the general rule? Be clear, please.

5) Why is this exception provided?

6) What is meant by the conservatism principle? Provide one clear accounting example of where

conservatism applies.