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A) the accounting methods used by an entity never change. B) the same accounting methods are used by all firms in an industry. C) the effect of any change in an accounting method will be disclosed in the financial statements or notes thereto. D) there are no alternative methods of accounting for the same transaction.
Option C
The consistency principle states that, once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods. Only change an accounting principle or method if the new version in some way improves reported financial results. if you make such a change, fully document its effects and include this documentation in the notes accompanying the financial statements.
It is C.
The idea in accounting that once an accounting method is adopted, it should be followed consistently from one accounting period to the next.
Well........Thanks for the invitation
It,s the option C
the effect of any change in an accounting method will be disclosed
in the financial statements or notes thereto.
