Changing from LIFO to FIFO over two accounting periods could be viewed as a violation of which accounting concept or principle?
A)Conservatism
B)Consistency
C)Materiality
D)Entity

Question

Quizplus · Accepted Answer

Changing from LIFO to FIFO over two accounting periods violates consistency, which is the principle that states that accounting methods and procedures should be applied consistently over time to ensure comparability of financial statements.

Changing from LIFO to FIFO Over Two Accounting Periods Could