Question

ii) Same accounting methods should be used from one accounting

period to the next accounting year.​

Answer 1

Answer:

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Answer 2

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. When talking about different accounting methods, this can include anything from cash vs accrual accounting, and using LIFO vs FIFO methods.

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