The first, a grade one strain to the rib muscle, is considered mild and usually heals within two to three weeks. A grade two strain is considered moderate with further damage to the muscle fibers and the healing time typically lasts three to six weeks.
consistency. A quality of accounting information that facilitates comparing a company's reporting of one accounting period to another. For example, the reader of a company's financial statements can assume that the company is using the same inventory cost flow assumption this period as it used last period or last year.or more on this term, search our site: Studies show that exam questions are a great way to learn and retain important information. Gain access to our 1,700 accounting exam questions (and answers) when you upgrade to PRO.
These standards are called GAAP or Generally Accepted Accounting Principles. There are a number of different principles that GAAP uses to help maintain a high level of reliance and verifiability in financial reporting. One of these principles is the objectivity principle. The objectivity principle states that financial and accounting information needs to be independent and free from bias. This means that financial reporting like a company's financial statements need to be based on evidence and not opinions.