A Company Using the Same Accounting Principles from Year to Year

question 174

Multiple Choice

A company using the same accounting principles from year to year is an application of

• A)timeliness.
• B)consistency.
• C)full disclosure.
• D)materiality.

Distinguish between different conflict management styles and their effectiveness.

Utilize specific techniques for effective persuasion and negotiation.

Appreciate the significance of communication frames and emotional language in influencing others.

Differentiate between leadership networks and their purposes.

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Definitions:

GAAP

A collection of commonly followed accounting rules and standards for financial reporting, used primarily in the United States.

Expense Recognition

Expense Recognition is an accounting principle that dictates the specific conditions under which expenses are recognized and reported in financial statements.

Revenue Recognition

The accounting principle dictating how and when revenue is recognized on the financial statements, ensuring it reflects the transfer of promised goods or services to customers.

Guaranteed Salvage Value

The minimum value for which an asset can be sold at the end of its useful life, as guaranteed by a contract or agreement.