In order to apply the matching concept, inventory costing methods, once selected, cannot be changed to an alternative method.

Question

Quizplus · Accepted Answer

While it is generally true that inventory costing methods should not be changed frequently, there are situations where changes may be necessary due to changes in company operations or accounting standards. However, these changes must be disclosed in financial statements and may require retrospective adjustments.

In Order to Apply the Matching Concept, Inventory Costing Methods