Review the following statements and indicate if the statement is referring to a principles-based or a rule-based accounting standard. Statement: "An accountant will use a Principles-based or Rules-basedparticular accounting standard only if..." Accounting Standarda. The length of a contract covers substantially all of the useful life of a plant asset. b. The number of new common share a firm issues is equal to 20% of the previously outstanding shares. c. A corporation owns over 50% of the voting shares of an affiliate company. d. A corporation has the ability to control the operating and financial activities of an affiliate company. e. It is more likely than not that a company's tax position will be sustained upon examination by the Internal Revenue Service. f. The sum of the undiscounted future cash flows from the use of a plant asset is less than its carrying value.