[GNC] Recovery vs. reimbursement

[Patrick James]

"consistency" is one of the principles of accounting. The consistency principle must be considered with each and every journal entry. Loosely if you make a decision about how to record something, let's say you chose FIFO for your inventory costing, then you cannot change without justification and computations about the impact of the change.

The consistency principle is always in the background, but, possibly, your ability to navigate within and among the various accounting principles will get better with experience.

> On 05/30/2026 9:39 PM PDT Adam H. Kerman <ahk at chinet.com> wrote:
> 
> By consistently maintaining books, aren't we getting better at it?