The Principle of Consistency States That

question 85

Multiple Choice

The principle of consistency states that:

• A)changes in accounting methods should occur from one fiscal period to the next.
• B)a company cannot change from one inventory valuation method to another.
• C)a company should switch from LIFO to FIFO every other period.
• D)by using the same method,the financial statements are more meaningful.

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Definitions:

Query Design Grid

A tool in database software that allows users to visually construct and adjust queries, specifying what data to retrieve and how it should be filtered or sorted.

Query Datasheet

A spreadsheet-like view displaying the results of a database query, often used for data analysis.

Datasheet

A presentation of data in table form, often within software applications for displaying and analyzing information.

Short Text Field

A small-sized input field in a form or database designed to hold a limited amount of text, such as a name or a short description.