What is the consistency principle?
a) all the companies in an industry should use the same accounting procedure
b) a company can change an accounting principle as often as it wants
c) once chosen, the same accounting method should be applied in all periods
d) a company can change an accounting method for any reason
Answer: C
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.