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

Question

Quizplus · Accepted Answer

Consistency refers to a company using the same accounting principles and methods from year to year. This allows for reliable comparisons of financial statements over time. Timeliness refers to timely reporting, full disclosure refers to reporting all relevant information, and materiality refers to the significance of an item in the financial statements.

A Company Using the Same Accounting Principles from Year to Year