Question

According to one of the Accounting Assumption,method of depreciation once chosen and applied should be applied consistently year after year. Identify the concept.

1 point

Consistency Concept

Materiality Principle

Prudence Principle

Cost Concept

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Answer 1

Answer:

Consistency concept is correct answer..

Explanation:

This concept states that accounting principles and methods should remain consistent from one year to another.

For example....a firm can choose any one of the several methods of depreciation...i.e straight line method , written down value method or any other method....But it is excepted that the method once chosen will be followed consistently year after year.....

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