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The idea of consistency does not mean that companies cannot switch from one accounting method to another.

Select one: True False

Financial statements are the principal means through which financial information is communicated to those outside an enterprise.

Select one: True False

)In 2019, Milford Corporation determined that it overstated salaries payable and salaries expense by $20,000 in 2018. In 2019, which of the following accounts will have to be credited to correct this error?

Select one: profit or loss for the period retained earnings salaries and wages expense salaries and wages payable

Net realizable value is

Select one: selling price. selling price minus estimated costs to complete and make a sale. selling price plus estimated costs to complete and make a sale. fair value plus estimated costs to complete and make a sale.

One assumption made by the IASB conceptual framework is that the reporting entity is a going concern.

Select one: True False