The Consistency Concept Prescribes That a Company Use the Same

question 119

True/False

The consistency concept prescribes that a company use the same accounting methods period after period, so that financial statements are comparable across periods.

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Definitions:

Legal Representative

A person authorized to act on behalf of another, particularly in legal matters.

License Agreement

A legal contract granting permission to use intellectual property, such as software, under specified conditions.

Domestic Violence

A pattern of abusive behavior in any relationship that is used by one partner to gain or maintain control over another intimate partner.

Copyright Protection

The legal right granted to the creator of original works of authorship, including literary, dramatic, musical, and certain other intellectual works, to control the use of their work.