Explain consistentency concept and conservation concept
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Answer:
Firstly, I will tell u that what is consistency concept and if i tells u correct, plzz follow me.....
.. 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 is important because of the need for comparability, that is, it enables Investors and other users of financial statements to easily and correctly compared the financial statements of a company....
And the next one is Conservation concept...
Conservation concept refers to the logical thinking ability which according to the pshysologist Jean piaget is present in the children during the preoperational stage of their development at ages 4-5, but develops in the concrete operational stage at ages 7-11, so simply... Conservation refers to the ability to determine that the certain quantity will remain the same despite adjustment of the container, shape or apparent size...
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