Match the following terms with the appropriate definition.
-The accounting principle that a company use the same accounting methods period after period so that the financial statements of succeeding periods will be comparable.
A)Gross profit method
B)Inventory turnover
C)Conservatism principle
D)Consistency concept
E)Consignor
F)Consignee
G)Days' sales in inventory
H)Retail inventory method
I)Specific identification method
J)Lower of cost or market

Question

Quizplus · Accepted Answer

The consistency concept in accounting means that a company should consistently use the same accounting methods and principles from one period to the next, ensuring comparability of financial statements over time.

Match the Following Terms with the Appropriate Definition