The Convention of Consistency Refers to the Consistent Use of Accounting

question 154

Multiple Choice

The convention of consistency refers to the consistent use of accounting principles

• A) among all firms in a particular industry.
• B) throughout one accounting period.
• C) among all firms.
• D) among accounting periods.

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Definitions:

Changing

The process of becoming different, undergoing transformation or modification.

Stronger

Stronger implies having increased muscular strength, emotional resilience, or overall capacity to withstand pressure or adversity.

Macro-Level Influences

Large-scale societal forces that impact individuals and groups, including economic conditions, cultural norms, and governmental policies.

Economic Forces

Factors that affect the production, distribution, and consumption of goods and services in an economy.