The Consistency Concept

question 12

Multiple Choice

The consistency concept:

• A)Prescribes a company use the same accounting method of inventory valuation,an exception being when a change from one method to another will improve its financial reporting.
• B)Requires a company to use one method of inventory valuation exclusively.
• C)Requires that all companies in the same industry use the same accounting methods of inventory valuation.
• D)Is also called the full disclosure principle.
• E)Is also called the matching principle.