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)When information about two different enterprises has been prepared and presented in a similar manner, the information exhibits the characteristic of

Select one: consistency faithful representation comparability relevance

Accounting policies include each of the following except

Select one: Rules Conventions Principles All of the choices are included.

Watts Corporation made a very large arithmetical error in the preparation of its year-end 2018 financial statements because of the calculation of depreciation. The error caused the net income to be reported at almost double the proper amount. Correction of the error when discovered in the next year (2019) should be treated as

Select one: an other expense item for the year in which the error was made. a component of income for the year in which the error is discovered, but separately listed on the income statement and fully explained in a note to the financial statements. an increase in depreciation expense for the year in which the error is discovered. a prior period adjustment.

)LCNRV of inventory

Select one: may sometimes be less than net realizable value. is always either the net realizable value or its cost. should always be equal to net realizable value. should always be equal to net realizable value less costs to complete.

)Timeliness and neutrality are two ingredients of relevance.

Select one: True False