The Principle of Consistency States That

question 85

Multiple Choice

The principle of consistency states that:

• A)changes in accounting methods should occur from one fiscal period to the next.
• B)a company cannot change from one inventory valuation method to another.
• C)a company should switch from LIFO to FIFO every other period.
• D)by using the same method,the financial statements are more meaningful.

Understand the contributions of entrepreneurs to philanthropy.

Identify the critical factors that enhance or impede entrepreneurship.

Compare and contrast entrepreneurial educators with traditional academic approaches.

Recognize the importance of "learning by doing" and mentorship in entrepreneurial education.

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Definitions:

Corporation

A legal entity that is separate from its owners, with rights and liabilities distinct from those of its shareholders, and the ability to enter into contracts, acquire assets, and conduct business.

Criminal Prosecution

The legal process in which an individual or entity is charged and brought to trial for alleged violations of criminal law.

Business Records

Documents that provide a detailed account of a company's financial transactions, operations, and other activities necessary for effective management and compliance.

Warrants

Official documents issued by a legal or government official authorizing the police or another body to make an arrest, search premises, or carry out some other action relating to the administration of justice.