Which Statement Addresses the Consistency Characteristic of Accounting Information

question 66

Multiple Choice

Which statement addresses the consistency characteristic of accounting information?

• A)Companies in the same industry must use the same inventory costing method to facilitate comparison of results.
• B)Financial reporting practices in one country should be consistent with those in other countries.
• C)Businesses should generally use the same accounting methods and procedures from one period to the next.
• D)Once a company selects an inventory costing method, it must always use that method.

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Definitions:

Reagents

Substances or compounds added to a system to bring about a chemical reaction or are involved in the reaction.

Nucleophile

A chemical species that donates an electron pair to an electrophile to form a chemical bond in reaction.

Conjugate Additions

A type of nucleophilic addition where the nucleophile adds to a conjugated system, such as a double bond adjacent to a carbonyl group, leading to more stable adducts.

MgBr

Magnesium bromide, a chemical compound used as a reagent in organic synthesis, particularly in Grignard reactions.