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Question 6 1 Point What is meant by consistency when discussing financial accounting information? Information presented by a company that applies the same accounting treatment to similar events, from period to period. B Information is timely Information that is classified, characterized, and presented clearly and concisely. Information is verifiable. Question 7 1 Point Latta Inc. is preparing its opening IFRS statement of financial position on January 1, 2022. Under its previous GAAP, Latta had deferred certain advertising costs amounting to $37,000. Prepare the entry (if any) needed to record this adjustment at the date of issuance. A Dr. Retained earnings 37,000 Cr. Capitalized advertising 37,000 B Dr. Retained earnings 37,000 Cr. Inventory 37,000 Dr Capitalized advertising 37,000 Cr. Retained earnings 37,000 No entry needed