The Consistency Convention Requires That

question 174

Multiple Choice

The consistency convention requires that

• A) a company use the same independent auditors year after year.
• B) all companies operating in the same industry use the same accounting methods.
• C) the selection of a company's accounting policies be disclosed in its financial statements.
• D) a company use the same accounting procedures year after year.

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Definitions:

Abraham Maslow

A renowned American psychologist famous for developing the hierarchy of needs concept, which is a theory that suggests psychological well-being is dependent on meeting basic human needs.

Self-Actualization

A psychological concept referring to the realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Intrinsic Rewards

Personal satisfaction or fulfillment that comes from within an individual, often as a result of completing a task or achieving a goal.

Extrinsic Benefits

Advantages or rewards that come from external sources, such as pay, praise, or awards, rather than from the enjoyment of the activity itself.