The Consistency Principle States That Businesses Should Report the Same

question 75

True/False

The consistency principle states that businesses should report the same amount of ending merchandise inventory from period to period.

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Definitions:

Conventional

Pertaining to what is considered typical, traditional, or in accordance with established norms and standards.

Postconventional

Referring to the stage of moral development at which an individual's sense of ethics comes from internal beliefs that transcend societal norms and laws.

Intentional

Done on purpose; deliberate.

Threatening

The act of expressing or implying harm to intimidate or coerce someone.