Asked by Sarah Wilkerson on Jul 19, 2024
Verified
A company using the same accounting principles from year to year is an application of
A) timeliness.
B) consistency.
C) full disclosure.
D) meteriality.
Consistency
In accounting, the principle that requires the same accounting methods to be used from period to period for comparability.
Accounting Principles
The rules and guidelines that companies must follow when reporting financial data.
- Familiarize oneself with the attributes of accounting information and the criticality of consistent implementation.
Verified Answer
JO
Justin OrtegaJul 23, 2024
Final Answer :
B
Explanation :
Consistency refers to the principle of using the same accounting methods and procedures from year to year. This ensures that financial information is comparable over time and allows for accurate analysis and decision-making.
Learning Objectives
- Familiarize oneself with the attributes of accounting information and the criticality of consistent implementation.
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