Which accounting principle requires that a company use the same accounting methods period after period? a. Revenue

Question:

Which accounting principle requires that a company use the same accounting methods period after period?

a. Revenue recognition principle

b. Lower of cost and net realizable value principle

c. Business entity principle

d. Consistency principle

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

See More Books

Question Posted: Dec 12, 2019 01:27 PM

See More Questions

Multiple Choice Questions 1. The private board that currently has the authority to establish generally accepted accounting principles is the: A) APB. B) FASB. C) AAA. D) AICPA. E) SEC. 2. The...
Match the accounting terms with the corresponding definitions. 1. Specific Identification 2. Materiality Concept 3. Last- In, First-Out (LIFO) 4. Conservatism 5. Consistency Principle 6....
Review inventory accounting definitions and principles. Requirement 1. Complete the crossword puzzle using the following clues: Down: 1. Treats the oldest inventory purchases as the first units sold....
If Converse introduced a new SMART WATCH for Men and Women, should they launch the product using Market Skimming or Marketing Penetration? Explain answer
What aspects of a distributed system would you select for a system running on a totally reliable network?
There were several major international financial crises in the 1990s. What role did globalization play in these crises? Appendix
understand the interparty relationships associated with healthcare joint ventures and accountable care organizations (ACOs);
Luis Corporation issued 1,000 shares of stock. Instructions Prepare the entry for the issuance under the following assumptions. (a) The stock had a par value of $5 per share and was issued for a...
Following are the transactions and adjustments that occurred during the first year of operations at Kissick Company. a . Issued 2 0 0 , 0 0 0 shares of $ 7 - par - value common stock for $ 1 , 4 0 0...
The pattern shown is taken from a quilt design known as a triple Irish chain. Complete the color pattern by indicating the color assigned to each square. 12|3 4 |5 67 89 10 11 12
Use the data in Exercises 6-5 and 6-6 to construct comparative income statements for Car Armour (year-end December 31, 2020), similar to those shown in Exhibit 6.8 in the chapter. Assume that...
Which of the following is an example of an inventory item that would best suit the specific identification inventory method: a. Pile of birds-eye gravel at the local gravel pit b. Cartons of...
Briefly explain how data that actually come from two distinct groups, both with strong correlations, can appear uncorrelated when grouped together. Does this mean that you should always break data...
Write a Program to Remove the Vowels from a String
What is the purpose of the journal wizard?
At year-end, the price-earnings ratio of General Motors was 11.3, and the price-earnings ratio of Microsoft was 28.14. Which company did the stock market favor? Explain.
Which two ratios do you think should be of greatest interest in each of the following cases? (a) A pension fund considering the purchase of 20-year bonds. (b) A bank contemplating a short-term loan....
Identify and explain factors that affect quality of earnings. Discuss.
Suppose your firm is considering investing in a project with the cash flows shown below, that the required rate of return on projects of this risk class is 8 percent, and that the maximum allowable...
A credit union entered a lease contract valued at $ 6100. The contract provides for payments at the end of each month for 8 years. If interest is 4 % compounded quarterly, determine the present value...
f(x) - J cincidit f(x) - J cincidit

Which accounting principle requires that a company use the same accounting methods period after period? a. Revenue

Question:

Step by Step Answer:

a Reve...View the full answer

Fundamental Accounting Principles Volume I

Students also viewed these Business questions