Q.3 Different between principle of consistency and conservatism assumption.
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principle of consistency- The consistency principle states that, once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods
principle of conservatism assumption - Under the conservatism principle, if there is uncertainty about incurring a loss, you should tend toward recording the loss. Conversely, if there is uncertainty about recording a gain, you should not record the gain.
principle of conservatism assumption - Under the conservatism principle, if there is uncertainty about incurring a loss, you should tend toward recording the loss. Conversely, if there is uncertainty about recording a gain, you should not record the gain.
sujiritha95:
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