Practice Consistency - 15.4.2 | 15. Accounting Principles and Concepts | Management 1 (Organizational Behaviour/Finance & Accounting)
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Knowledge

15.4.2 - Consistency

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the consistency principle in accounting?

💡 Hint: Think about the impact of changing methods on financial statements.

Question 2

Easy

Give an example of an accounting method that should be used consistently.

💡 Hint: Consider how businesses report expenses over time.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What does the consistency principle require companies to do?

  • Change methods each year
  • Use the same accounting methods consistently
  • Disclose all financial information

💡 Hint: Think about why stakeholders need consistency.

Question 2

True or False: Companies should disclose changes when they alter their accounting methods.

  • True
  • False

💡 Hint: Consider what stakeholders expect when there are changes.

Solve and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A company has traditionally used the straight-line method for depreciation but decides to switch to an accelerated method. Discuss the steps necessary for compliance with the consistency principle.

💡 Hint: Consider what transparency looks like in financial reporting.

Question 2

Evaluate the impact of inconsistencies on a company's long-term financial health and investor perception.

💡 Hint: Reflect on how stakeholders view reliability in financial information.

Challenge and get performance evaluation