The Principle of Consistency Prohibits a Company from Changing an Inventory

question 84

True/False

The principle of consistency prohibits a company from changing an inventory valuation method once one is selected.

---

Definitions:

Reaction

A process in which substances interact to form new substances with different chemical compositions and properties.

Major Organic Product

The predominant product formed in a chemical reaction under given conditions, emphasizing its relevance in synthetic chemistry.

Haloalkane

Haloalkanes are organic compounds where one or more hydrogen atoms in an alkane are replaced by halogen atoms (fluorine, chlorine, bromine, or iodine).

Thermodynamic Condition

Refers to the parameters of temperature, pressure, volume, and quantity of matter present during a system at equilibrium or undergoing a process that changes its state.