The _____________ says that a company who chooses to use the LIFO method for valuing their inventory must use that same method each year.
A) business entity concept
B) cost principle
C) consistency principle
D) materiality principle

Question

Quizplus · Accepted Answer

The consistency principle states that a company must use the same accounting methods and procedures from year to year. Therefore, if a company chooses to use the LIFO method for valuing their inventory, they must continue to use that method consistently each year.

The _____________ Says That a Company Who Chooses to Use