The Principle of Consistency Means That

question 51

Multiple Choice

The principle of consistency means that:

• A)the accounting methods used by an entity never change.
• B)the same accounting methods are used by all firms in an industry.
• C)the effect of any change in an accounting method will be disclosed in the financial statements or notes thereto.
• D)there are no alternative methods of accounting for the same transaction.

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Definitions:

Lower Limb

Refers to the part of the body extending from the hip to the toes, inclusive of the thigh, knee, leg, ankle, and foot.

Upper Torso

The upper part of the human body, including the chest, shoulders, and back, housing vital organs such as the heart and lungs.

Tibial Tuberosity

A protrusion on the tibia or shin bone where the patellar ligament attaches, prominent in the knee joint area.

Xiphoid Process

A small cartilaginous process of the lower part of the sternum which usually ossifies in the adult human.