A company using the same accounting principles from year to year is an application of
A) timelines.
B) consistency.
C) full disclosure.
D) materiality.

Question

Quizplus · Accepted Answer

Consistency is the principle of using the same accounting methods and procedures from year to year. This ensures comparability of financial information across different accounting periods. Timeliness refers to the need for financial information to be available in a timely manner. Full disclosure means providing all relevant information in financial statements. Materiality refers to the significance of an item or event and its impact on the financial statements.

A Company Using the Same Accounting Principles from Year to Year