The Consistency Concept

Multiple Choice

The consistency concept:

A) Is also called the full disclosure principle.
B) Is also called the matching principle.
C) Requires a company to use one method of inventory valuation exclusively.
D) Prescribes a company use the same accounting method of inventory valuation, an exception being when a change from one method to another will improve its financial reporting.
E) Requires that all companies in the same industry use the same accounting methods of inventory valuation.