The Consistency Principle Means That One Costing Method, Such as FIFO

question 91

True/False

The consistency principle means that one costing method, such as FIFO or moving weighted average, has to be used exclusively.

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Definitions:

Social Security

A government program that provides financial assistance to people with inadequate or no income, such as the elderly, disabled, and survivors.

Medicare Tax

A federal tax that funds Medicare, health insurance for individuals over 65; deducted from employees' paychecks.

Payroll Tax Expense

Taxes that employers are required to pay on behalf of their employees, such as social security and Medicare taxes.

Social Security Tax

A tax imposed on both employers and employees to fund the Social Security program, which provides retirement, disability, and survivorship benefits.