“The concept of materiality and the concept of consistency are two pillars of
accounting” – Substantiate this statement.
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The Statement is absolutely True
Explanation:
The concept of materiality is the concept which concerns about the relevancy of the information, size and all the Financial transaction taking place. Materialization of each and every transaction in the reports are a must tobe done.
The concept of Consistency as its name suggests that once an accounting method is adopted by the firm it should be used consistently in future.
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