Question

354 chapter 6 > Short Exercises r all hor cavrines, asume the perpetual invdl 1 Determining inventory accounting principles Ward Hardware used the FIFO continue relevant to Ward's decision? learming objective 1 y costing hch accounting principle is method in 2017. Ward plans 56- 17 using the FIFO method in future years. Which accounting s most ntory costing methods n change dramatically and wan

Answer 1

Solution:

As per Consistency principle, Accounting policies/ practices/methods should be followed consistently from one accounting period to another.

Therefore, ward's decision is following Consistency principle.

Hence answer is "Consistency Principle".