2) The Consistency Principle requires accountants to be consistent in the application of the various accounting procedures and methods once they are selected.

- True

-False

3) The procedure selected to calculate the cost of the ending inventory has absolutely no effect on the net income.

True

False

4) In determining the number of units used in calculating the ending inventory the results of a perpetual inventory are used.

True

False

5) If using the FIFO method to calculate ending inventory, the first units purchased are assumed to be the last units sold.

True

False