A Company Using the Same Accounting Principles from Year to Year

question 20

Multiple Choice

A company using the same accounting principles from year to year is an application of

• A) timeliness.
• B) consistency.
• C) full disclosure.
• D) materiality.

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Definitions:

Licensing

the process by which an individual or business is granted permission to perform certain activities or use certain properties under agreed terms.

NFPA

An abbreviation for the National Fire Protection Association, an organization that creates codes and standards for fire safety and prevention.

Voluntary Certification

A process where individuals or organizations choose to undergo an assessment against predetermined standards to receive a formal recognition of their qualifications or quality.

Licensing Requirements

The specific qualifications, standards, and conditions set by regulatory bodies that individuals or entities must meet to legally operate or practice in certain professions.