The Convention of Consistency Refers to Consistent Use of Accounting

question 239

Multiple Choice

The convention of consistency refers to consistent use of accounting principles

• A) among firms.
• B) among accounting periods.
• C) throughout the accounting periods.
• D) within industries.

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Definitions:

Unconscionability

A legal doctrine that refers to terms in a contract that are extremely unjust or overwhelmingly one-sided in favor of the party who has the superior bargaining power.

Assumption of Risk

A legal doctrine where an individual knowingly exposes themselves to danger and assumes responsibility for any resulting injuries or damages.

Product Misuse

The incorrect, inappropriate, or unintended use of a product, which can lead to injury or failure to meet the user's needs.

Unforeseeable Way

A scenario or event that could not be predicted or anticipated, often used in legal contexts to describe accidents or events beyond control.