QUESTION 11 When a business that purports to use U.S. GAAP carries equipment and buildings in its statement of financial position at historical cost, the business is most likely: O a Adhering to the cost principle. Ob. Achoring to the going concern principle, c. Adhering to the consistency principle. Od. Violating U.S. GAAP QUESTION 12 Accumulated Depreciation represents Botha and b. a. The allocation of the costs of fixed assets such as buildings or equipment to expense of a given accounting period, b. c. Neither a norb d. The amount of depreciation taken over the life of long-lived (fixed) assets such as equipment and buildings as of the date of the preparation of the statement of financial position