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

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The consistency concept is a fundamental accounting principle that requires a company to use the same accounting methods and treatments for similar events and transactions consistently over time. This principle maintains the comparability of financial statements as users can compare the financial performance and position of a business entity across different time periods. Therefore, the statement is true.

The Consistency Concept Requires a Company to Use the Same