If the two companies have different accounting policies in respect of the same item then they ...........

Accountancy (Phase -I & II) Accounting standards

If the two companies have different accounting policies in respect of the same item, then they make necessary changes to adopt.............. Accounting policies.

Lifo method

Fifo method

Weighted method

Uniform

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Explanation:

The term “uniform” suggests that all financial reporting rules should be made consistent across companies and across time for analysis of financial reports. This desired uniformity reflects that GAAP and IFRS financials are an antithesis to uniformity in financial statement reporting