The Consistency Concept

question 12

Multiple Choice

The consistency concept:

• A)Prescribes a company use the same accounting method of inventory valuation,an exception being when a change from one method to another will improve its financial reporting.
• B)Requires a company to use one method of inventory valuation exclusively.
• C)Requires that all companies in the same industry use the same accounting methods of inventory valuation.
• D)Is also called the full disclosure principle.
• E)Is also called the matching principle.

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Definitions:

Proofreading

The process of reviewing and correcting written material to ensure accuracy, coherence, readability, and correctness in grammar, spelling, and punctuation.

Redundant

Something that is no longer needed or useful, often because it duplicates something else.

Due to the Fact That

A phrase used to introduce a reason or explanation for something, equivalent to "because."

Surface Anatomy

The study and description of the visible features of the body without cutting into it.