The Principle of Consistency Means That

question 51

Multiple Choice

The principle of consistency means that:

• A)the accounting methods used by an entity never change.
• B)the same accounting methods are used by all firms in an industry.
• C)the effect of any change in an accounting method will be disclosed in the financial statements or notes thereto.
• D)there are no alternative methods of accounting for the same transaction.

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Definitions:

Near-Fatal Bleeding

Severe hemorrhage that threatens life and requires immediate medical intervention to prevent death.

Dental Procedures

Medical operations performed to diagnose, treat, and prevent oral health issues.

Actual Cause

The direct, substantial factor in bringing about harm or damage, without which the event would not have occurred.

Proximate Cause

A legal concept that connects a party's actions directly to the event that caused harm or damage, indicating a primary cause rather than a remote or secondary influence.