The comparison of financial statement of one year with that of another is possible only when ------------- ---concept is followed
A)Going concern
B)Accrual
C)Consistency
D)Materiality

Question

Quizplus · Accepted Answer

The consistency concept in accounting states that once a business chooses a particular method of recording its financial transactions, it should continue using this method from one accounting period to the next. This allows for meaningful comparison of financial statements across different periods.

The Comparison of Financial Statement of One Year with That