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

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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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Need help If total liabilities are $25,000 and owner’s equity is $15,000, total assets equal:A. $10,000B. $25,000C. $40,000D. $15,000

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If total liabilities are $25,000 and owner’s equity is $15,000, total assets equal:A. $10,000B. $25,000C. $40,000D. $15,000 help.

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.

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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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