Multiple Choice
The consistency concept:
A) Prescribes a company to consistently apply the same accounting method of inventory valuation, an exception being when a change from one method to another will improve its 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 principle.
E) Is also called the matching principle.
Correct Answer:
Verified
Correct Answer:
Verified
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