Keyword Analysis & Research: consistency in financial accounting

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What is the principle of consistency?

What is the Consistency Principle? Consistency Principle states that all accounting treatments should be followed consistently throughout the current and future period unless required by law to change or the change gives a better presentation in accounts.

What is the consistency concept?

The concept of consistency means that accounting methods once adopted must be applied consistently in future. Also same methods and techniques must be used for similar situations. It implies that a business must refrain from changing its accounting policy unless on reasonable grounds.

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