With Respect to the Valuation of Inventory and Measurement of the Cost

question 35

Multiple Choice

With respect to the valuation of inventory and measurement of the cost of goods sold,the principle of consistency means that the same method should be applied:

• A)In successive accounting periods.
• B)By all companies in a given industry.
• C)To all products in the inventory.
• D)In financial statements and income tax returns.

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Definitions:

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