Consistency principle: The consistency principle of accounting states that a firm should keep following the same method which it adopted once for preparing financial statements. The firm can only change method if there is any requirement to improve formatting of financial statements, not on a regular basis. To identify: The view of G, the accountant regarding change of inventory valuation method and state whether it is correct or not.

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Answer 1

Question

Chapter 3, Problem 24Q

To determine

Consistency principle: The consistency principle of accounting states that a firm should keep following the same method which it adopted once for preparing financial statements. The firm can only change method if there is any requirement to improve formatting of financial statements, not on a regular basis.

To identify: The view of G, the accountant regarding change of inventory valuation method and state whether it is correct or not.

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Answer 2

Question

Chapter 3, Problem 24Q

To determine

Consistency principle: The consistency principle of accounting states that a firm should keep following the same method which it adopted once for preparing financial statements. The firm can only change method if there is any requirement to improve formatting of financial statements, not on a regular basis.

To identify: The view of G, the accountant regarding change of inventory valuation method and state whether it is correct or not.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 24Q

To determine

Consistency principle: The consistency principle of accounting states that a firm should keep following the same method which it adopted once for preparing financial statements. The firm can only change method if there is any requirement to improve formatting of financial statements, not on a regular basis.

To identify: The view of G, the accountant regarding change of inventory valuation method and state whether it is correct or not.

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Answer 4

Question

Chapter 3, Problem 24Q

To determine

Consistency principle: The consistency principle of accounting states that a firm should keep following the same method which it adopted once for preparing financial statements. The firm can only change method if there is any requirement to improve formatting of financial statements, not on a regular basis.

To identify: The view of G, the accountant regarding change of inventory valuation method and state whether it is correct or not.

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Answer 5

Chapter 3, Problem 24Q

To determine

Consistency principle: The consistency principle of accounting states that a firm should keep following the same method which it adopted once for preparing financial statements. The firm can only change method if there is any requirement to improve formatting of financial statements, not on a regular basis.

To identify: The view of G, the accountant regarding change of inventory valuation method and state whether it is correct or not.

Answer 6

Chapter 3, Problem 24Q

To determine

Consistency principle: The consistency principle of accounting states that a firm should keep following the same method which it adopted once for preparing financial statements. The firm can only change method if there is any requirement to improve formatting of financial statements, not on a regular basis.

To identify: The view of G, the accountant regarding change of inventory valuation method and state whether it is correct or not.

Answer 7

Chapter 3, Problem 24Q

To determine

Consistency principle: The consistency principle of accounting states that a firm should keep following the same method which it adopted once for preparing financial statements. The firm can only change method if there is any requirement to improve formatting of financial statements, not on a regular basis.

To identify: The view of G, the accountant regarding change of inventory valuation method and state whether it is correct or not.

Answer 8

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Answer 9

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Answer 10

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Answer 11

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