Accounting principles

Accounting Principles exam questions and answers. Last document update:   ago

The consistency principle states that, once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods. The full disclosure principle states that you should include in an entity's financial statements all information that would affect a reader's understanding of those statements. The materiality principle states that you are allowed to ignore an accounting standard if the net impact of doing so has such a small impact on the fi...