The Convention of Consistency Refers to Consistent Use of Accounting

question 107

Multiple Choice

The convention of consistency refers to consistent use of accounting principles

• A)among firms.
• B)from period to period.
• C)throughout the current accounting period.
• D)within industries.

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Definitions:

Equilibrium Price

The rate at which the quantity of goods on offer is equal to the quantity of goods consumers are willing to buy.

Domestic Price

The cost of goods, services, or commodities within a country's borders, unaffected by international tariffs or duties.

Tariff Revenue

The income generated by a government from imposing taxes on imported and exported goods.

Domestic Price

The price of goods or services within a country, distinct from international or export prices.