The convention of consistency refers to the consistent use of accounting principles
A) among all firms in a particular industry.
B) throughout one accounting period.
C) among all firms.
D) among accounting periods.

Question

Quizplus · Accepted Answer

The convention of consistency refers to the requirement of using the same accounting principles and methods from one accounting period to the next to ensure meaningful comparisons can be made. Therefore, the correct choice is among accounting periods.

The Convention of Consistency Refers to the Consistent Use of Accounting