Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?
A) Consistency.
B) Verifiability.
C) Timeliness.
D) Comparability.

Question

Quizplus · Accepted Answer

Changing the method of inventory valuation is a change in accounting policy and should be reported under the qualitative characteristic of consistency, which requires that accounting policies and methods be applied consistently from period to period unless a change is justified.

Changing the Method of Inventory Valuation Should Be Reported in the Financial