New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    The concept that suggests that the same accounting

    methods should be used consistently over time to ensure comparability is known as:
    A Conventions of consistency Correct Answer Incorrect Answer
    B Money measurement concept Correct Answer Incorrect Answer
    C Convention of conservatism Correct Answer Incorrect Answer
    D Convention of full disclosure Correct Answer Incorrect Answer

    Solution

    Sol. The Conventions of Consistency require that the same accounting methods and principles be applied consistently from one period to another, ensuring that financial statements are comparable across periods.

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