City Parking, which operates a sever-story parking building in downtown Pittsburgh, has a calendar year end. It serves daily and hourly parkers, as well monthly parkers who pay a fixed monthly rate in advance. The company traditionally has recorded all cash receipts as revenues when received. Most monthly parkers pay in full during the month prior to that in which they have the right to park. The company’s auditors have said that beginning in 2009, the company should consider recording the cash receipts from monthly parking on an accrual basis, crediting Unearned Revenues. Total cash receipts for 2009 were $1,250,000, and the cash receipts received in 2009 and applicable to January 2010 were $62,500. Discuss the relevance of the account ting conventions of consistency, full disclosure, and materiality to the decision to record the monthly parking revenues on an accrual basis.