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.
How it works/Example: There are four widely recognized accounting conventions that guide accountants: 1. Be conservative. In other words, play it safe. 2. Disclose in full. 3. Be consistent. In other words, use the same method for calculating and reporting similar events. 4. Report everything that is important.This is also known as the materiality convention. In other words, an item or event is material (and thus should be disclosed) if knowledge of the event or item might reasonably influence the users of the financial statements.here are four widely recognized accounting conventions that guide accountants: 1. Be conservative. In other words, play it safe. 2. Disclose in full. 3. Be consistent. In other words, use the same method for calculating and reporting similar events.