The consistency concept prescribes that a company use the same accounting methods period after period, so that financial statements are comparable across periods.

Name: The consistency concept prescribes that a company use the same accounting methods period after period, so that financial statements are comparable across periods.
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Question

Quizplus · Accepted Answer

The consistency concept requires a company to use the same accounting methods from period to period in order to make financial statements comparable.

The Consistency Concept Prescribes That a Company Use the Same