What is CONSISTENCY PRINCIPLE?

The idea that once an accounting method is chosen it is followed until the end. If a change is made it must be disclosed and explained. AKA consistency concept. Refer to accounting concepts.

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Related Legal Terms
ACCRUAL PRINCIPLE, CHANGE IN ACCOUNTING PRINCIPLE, MATCHING PRINCIPLE, ACCELERATION PRINCIPLE, SURVIVOR PRINCIPLE, REALIZATION PRINCIPLE, ACCOUNTING CONCEPTS, BENEFIT PRINCIPLE, PRINCIPLE OF SUBSIDIARITY, PRINCIPLE


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