Accounting changes are often made and the monetary impact is reflected in the financial statements of a company even though, in theory, this may be a violation of the accounting concept of
A)materiality.
B)consistency.
C)prudence.
D)objectivity.

Question

Quizplus · Accepted Answer

Consistency is an accounting concept that requires companies to apply the same accounting methods and principles from period to period. Changes in accounting methods can violate this concept, as they may affect the comparability of financial statements over time.

Accounting Changes Are Often Made and the Monetary Impact Is