Q: Identify & Briefly describe the accounting principle(s) applicable to each of the the following situations: (Materiality, Consistency, Historical Cost, Disclosure, Going Concern, Matching Principle, Net Realizable Value ) a. Tim Roberts owns a bar and a rental apartment and operates a consulting service. He has separate financial statements for each. b. Purchases for office or store equipment for less than $25 are entered in Miscellaneous Expense. c. A company uses the lower of cost or market for valuation of its inventory. d. Land purchased 15 years ago for $40,500 is now worth $346,000. It is still carried on the books at $40,500. e. Zero Corporation is being sued for $1 million for breach of contract. Its lawyers believe that the damages will be minimal. Zero reports the possible loss in a note. OPS W DO