The Accounting Principle That Requires That the Cost Flow Assumption

question 255

Multiple Choice

The accounting principle that requires that the cost flow assumption be consistent with the physical movement of goods is

• A) called the matching principle.
• B) called the consistency principle.
• C) nonexistent; that is, there is no accounting requirement.
• D) called the physical flow assumption.

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Definitions:

Follow-up

The act of making additional contact or taking further action after an initial interaction or event.

Personal Selling Process

A sequence of steps a salesperson follows to engage a potential customer, demonstrating how their product or service can meet the customer's needs, ultimately leading to a sale.

Prospecting

The process of searching for potential customers, clients, or buyers in order to develop new business.

Closing

The final step in executing a real estate transaction or sale where ownership is transferred from seller to buyer, or in sales, the process of concluding a sale or sealing a deal.