The common stock account contains amounts received from the ownerlowners of the firm to run the firm (purchase assets, pay bills). Its value is based on amounts received (not current market value of the stock). It also represents the total claims that the owners have against the assets of the firm. True False QUESTION 12 Assets are composed of the following groups: Current Liabilities, Property Plant & Equipment, Long-Term Debt Current Assets, Property Plant & Equipment, Other Assets (like investments) Current Assets, Current Liabilities, Property Plant & Equipment Current Assets, Property Plant & Equipment, Equity QUESTION 13 The historical cost principle states that most assets are recorded at their historical cost even if the asset has increased in value over time. True