Question

Explain consistency concept conservatism concept

Answer 1

Answer:

Consistency concept - 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.

Conservatism concept - The principle of conservatism in accounting gives guidance when recording cases of uncertainty or estimates. In other words, you should always lean towards the most conservative side of any transaction.

Pls mark as Brainliest :)