Comparability in Accounting Means That a Company Uses the Same

question 117

True/False

Comparability in accounting means that a company uses the same generally accepted accounting principles from one accounting period to the next.

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Definitions:

Surplus

The situation in which the quantity of a good or service supplied is more than the quantity demanded.

Import Quotas

Restrictions set by a government on the quantity of goods that can be imported into a country.

Net Exports

The value of a country's total exports minus its total imports, representing the net effect of foreign trade on an economy.

Capital Flight

A large and sudden reduction in the demand for assets located in a country