According to the historical cost principle, assets should be recorded in the books of account at their actual cost, measured on the date when the asset had been purchased.Consider the features of the historical cost principle and respond to the following: Discuss the drawbacks of recording assets in the books of account following the historical cost principle. This just needs to be a couple of paragraphs as long as it properly addresses the topic and The drawbacks of recording assets in the books of account following the historical cost principle have been accurately identified and explained. Apply the entity assumption in a proprietorship and a business. How far does the entity assumption hold true for a proprietorship and a family-controlled business The entity assumption is one of the most basic accounting assumptions. According to this assumption, an organization is considered as a separate economic unit.Consider the aspects of the entity assumption and respond to the following: How far does the entity assumption hold true for a proprietorship and a family-controlled business? Provide examples Again just needs to be a couple paragraphs MUST CITE REFERENCES WITH PROPER APA FORMAT AT THE END OF EACH ANSWER.