The Consistency Concept

question 126

Multiple Choice

The consistency concept:

• A)Requires a company to consistently use the same accounting method of inventory valuation unless a change will improve 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 concept.
• E)Is also called the matching concept

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Definitions:

Rational Understanding

Involves comprehending matters or concepts based on reason, logic, and factual evidence, distinguishing between logical and illogical arguments.

Career Criminals

Persons who engage in criminal activity as their main occupation, often repeatedly committing crimes and having multiple convictions.

Theory of Punishment

The systematic examination of the principles and justifications behind penalizing individuals for committing crimes.

Indeterminate Sentences

Sentencing that does not assign a fixed amount of time but rather a range in which an offender may be released, based on behavior and rehabilitation.