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There are two components of accounting, comparability and consistency. Comparability is when different companies...

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Accounting

There are two components of accounting, comparability and consistency.

Comparability is when different companies report the same thing but use different methods to do so.

Consistency is when the same company reports the same information year after year.

Part a)

Provide examples of comparability and consistency. (Make up examples, please elaborate)

Part b)

Also, please provide an example of an exception to using comparability and consistency. (when it is acceptable not to use these methods)

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