Question: Select 1) whether you agree or disagree with the action taken as described in the scenario and 2) the most fitting reason why you agree

Select 1) whether you agree or disagree with the action taken as described in the scenario and 2) the most fitting reason why you agree or disagree.

Sam Co. is a newly incorporated company. It chooses inventory cost flow assumptions that are most commonly chosen by firms in the same industry.

1)

a. I agree

b. I disagree

2)

Neutrality

Relevance

Faithful representation

Expense recognition principle

Revenue recognition principle

Periodicity

Monetary unit

Verifiability

Full disclosure

Going concern

Comparability

Timeliness

Understandability

Conservatism

Economic entity

Consistency

Historical cost

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