The Consistency Principle States That a Business Should Use the Same

question 92

True/False

The consistency principle states that a business should use the same accounting methods from period to period.

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Definitions:

Animistic Thinking

A mode of thought in which inanimate objects are believed to possess life or lifelike attributes.

Centration

A cognitive limitation in early child development, where the focus is on one salient aspect of a situation, neglecting other possible factors, as described in Piaget's theory of cognitive development.

Egocentrism

A cognitive characteristic where an individual has difficulty understanding or acknowledging a perspective other than their own.

Narcissism

A personality trait characterized by an exaggerated sense of self-importance, need for admiration, and lack of empathy for others.