Please answer every questions

A friend criticizes the balance sheet by saying that a majority of the fixed assets assets are listed at their historical cost rather than their fair market value in case of liquidation. What principles, constraints or assumptions might you cite in support of the balance sheet's treatment? a. Historical Cost Principle and Going-Concern Assumption b. Cost Benefit Constraint and Materiality Constraint c. Economic Entity Assumption and Matching Principle d. Historical Cost Principle and Consistency e. Going Concern Assumption and Cost Benefit Constraint Which of the following is a violation of the current revenue recognition principle? a. Recognizing revenue for a service contract that has been prepaid as the service is being provided over time. b. Recognizing revenue for gold that has been harvested rom a mining operation before it has been sold assuming there are active and liquid markets for it. c. Recognizing revenue prior to the completion of a long-term construction contract when progress to completion has been made and the contract provides enforceable legal rights to collect payment. d. Recognizing revenue when cash exchanged for goods. e. All of these are acceptable under the current revenue principle. Which of the following accounting concepts justifies the use of depreciation? a. Periodicity Assumption b. Verifiability c. Faithful Representation d. Matching Principle e. Monetary Unit Assumption Assume that each of the following have operations that are separable from their intended on-going operations. Which of the following would not be qualified as a discontinued operation? a. A technology company that generates revenue from search engine capabilities and online advertising decides to discontinue a segment that sells cell phones and provides data plans to customers b. A US multinational company shuts down all of its European operations, leaving its operations in the United States and Canada. c. PepsiCo decides to sell Frito-Lay (a snack chip brand), which represents 5% of its total operations, yet continues to sell Ruffles, Tostitos, Cheetos and Lay's (also snack chip brands). d. Marie Callender's sells frozen food products wholesale to supermarkets and grocery stores and decides to shut down its nationwide chain of restaurants. e. All of the above would qualify for treatment as a discontinued operation