A Company Using the Same Accounting Principles from Year to Year

question 12

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) meteriality.

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Definitions:

Farm Income

The earnings obtained from agricultural activities and operations, including crop sales, livestock sales, and government subsidies.

Surpluses

Situations in which the quantity of a good or service supplied exceeds the quantity demanded at a given price.

Migration

The movement of individuals or groups from one location to another, often for reasons such as employment, education, or economic opportunities.