The Consistency Concept

question 165

Multiple Choice

The consistency concept:

• A) Is also called the full disclosure principle.
• B) Is also called the matching principle.
• C) Requires a company to use one method of inventory valuation exclusively.
• D) 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.
• E) Requires that all companies in the same industry use the same accounting methods of inventory valuation.

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Definitions:

Thickening

The process or result of becoming thicker, often referring to the increase in density or concentration of a substance.

Dorsiflexes

Refers to the action of moving the foot upwards towards the shin.

Arch

A curved structure designed to span a space or to support weight, often found in bridges and buildings.

Rotates

The action of something moving in a circle around an axis or point.