Convention of Consistency
Give a brief introduction of the term ‘Convention of Consistency’?
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This accounting convention proposes that the similar accounting principles, methods and policies must be employ time after time on a period to period basis for making financial statements to make easy comparison of financial statements on period to period base. If any alters are made in the accounting processes or policies, then it must be released explicitly while making the financial statements.
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Accounting Theory 7edition, by Godfrey J., Hodgson A., Tarca A., Hamilton J., and Holmes S. Chapter 2: Theory in Action 2.2 “Normative Theories of Investment” Chapter 3: Theory in Action 3.1 “Companies should come clean on the value of leases on their books” Chapter 5: Theory in A
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