consistency is a principle of _____
Answers
The consistency principle states that once you decide on an accounting method or principle to use in your business, you need to stick with and follow this method or principle consistently throughout your accounting periods.
The sole purpose of the consistency principle, or consistency concept, is to ensure that transactions or events are recorded in the same way, from one accounting year to the next. ... In other words, businesses should not use a certain accounting method one year, and a different accounting method the next year..
Example of the consistency principle:
For example, Company A's Financial Statements report base on IFRS. Its accounting policies for depreciation is using a straight-line basis. ... For example, if the performance is base on Net Sales, management might not recognize revenues by using the same accounting policies.
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Answer:
financial statement
Explanation:
consistency is a principle of financial statement .
The definition of consistency means thickness or something stays the same, is done in the same way or looks the same.
Financial statements are a collection of summary-level reports about an organization's financial results, financial position, and cash flows. They include the income statement, balance sheet, and statement of cash flows.
FINAL ANSWER- financial statement
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