Explain the convention of consistency with the help of an example
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The vertical consistency is maintained within inter-related financial statements of the same period. ... For example, if one method of depreciation is used while preparing profit and loss account and another method is followed while preparing balance sheet, it will be a case of vertical inconsistency.
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Hey mate here is your answer
Explanation:
The vertical consistency is maintained within inter-related financial statements of the same period. ... For example, if one method of depreciation is used while preparing profit and loss account and another method is followed while preparing balance sheet, it will be a case of vertical inconsistency.
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