Question

4.Consistency with reference to application of accounting procedures means. Single choice.

(1 Point)
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Answer 1

Explanation:

Consistency with reference to application of accounting procedures means: a) All companies in the same Industry should use identical accounting procedures b) Income & assets have not been overstated c) Accounting methods & procedures shall be followed uniform basis year after year d) Any accounting method can be ...

Answer 2

Answer:

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Explanation:

In accounting, consistency requires that a company's financial statements follow the same accounting principles, methods, practices and procedures from one accounting period to the next. This allows the readers of the financial statements to make meaningful comparisons between years.

Consistency does allow a company to make a change to a more preferred accounting method. However, the change and its effects must be clearly disclosed for the benefit of the readers of the financial statements.