How Do the Consistency Concept and the Full Disclosure Principle

question 170

Essay

How do the consistency concept and the full disclosure principle affect inventory valuation?

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Definitions:

Recalculated Results

The updated outcomes that occur after modifying data in a spreadsheet or database, causing formulas or functions to re-evaluate.

Scenario Manager

A tool in Excel that allows the user to create and save multiple sets of inputs to easily compare different scenarios.

Changing Values

The process of updating or modifying the contents or settings of a variable, field, or parameter in a program or database.

Data Model

An abstract model that organizes data elements and standardizes how they relate to one another and to properties of the real world.