Answer:
Consistency principle
Explanation:
Accounting principles are defined as the general rules of.axcpunting that businesses are expected to follow when reporting financial information.
Accounting principles include:
- Accrual principle
- Conservatism principle
- Consistency principle
- Cost principle
- Economic entity principle
- Full disclosure principle
- Going concern principle
- Matching principle
- Materiality principle
- Monetary unit principle
- Reliability principle
- Revenue recognition principle
- Time period principle
Consistency principle requires one the continue using an accounting method consistently for future accounting periods so that information can be easily comparable.
In the given scenario the accountant tells Tenisa that US GAAP allows a company to choose its inventory valuation method as long as it doesn't change over time without a justifiable reason.
This is an example of consistency principle
The reason why Peccarelli
returned to Guatemala was to look for the bodies of a tragedy that happened in
his childhood and help identify them. His team’s goals are to talk to the
families of the deceased and to give the families closure.
The correct answer to 1 is the ability to easily raise financial capital.
A sole proprietor is limited to the cash that they personally have, so this is a disadvantage when they need additional capital for the business.
The correct answer to 2 is that their personal property can be used to pay debts.
A partnership is personally responsible for the debts of the company. If the company owes money and cannot pay it, the partners that own the business are personally responsible.
The correct answer to 3 is the shareholders.
The shareholders are the owners of the corporation. They vote for a board of directors who in turn oversee the operation of the corporation.
