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प्रश्न
"Principle of consistency is a modifying principle." Comment.
उत्तर
The statement is true as a change may be made to adopt better or more suitable or modern techniques of accounting to ensure a better disclosure of financial information. Consistency does not prohibit a change in accounting policies. Necessary changes are fully disclosed by presenting them in financial statements, indicating their probable effects on the financial results of the concerned business.
संबंधित प्रश्न
This principle states that accounting procedures and methods should remain consistent from one year to another.
This principle states that the financial statements should be prepared quickly at the end of the accounting period.
This principle is an exception to the principle of full disclosure.
Closing stock is always valued at market price. Justify for or against by citing two reasons.
Explain the principle of materiality.
Explain the principle of Timeliness.
Name and explain the accounting convention which says record all anticipated losses but ignore all anticipated gains.
Explain the Principle of Prudence.
Explain the principle of industry practice.
Explain the accounting conventions.
