SSC CGL Exam > SSC CGL Videos > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > Consistency Concept
Consistency Concept Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
|
1365 videos|1312 docs|1010 tests
|
FAQs on Consistency Concept Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What is the consistency concept in accounting? |  |
The consistency concept in accounting refers to the principle that once a company chooses an accounting method or policy, it should continue to use that method consistently in the future. This ensures that financial statements are comparable and allow for meaningful analysis and decision-making.
| 2. Why is the consistency concept important in financial reporting? | |
The consistency concept is important in financial reporting because it promotes comparability and reliability of financial statements. By using consistent accounting methods and policies, it becomes easier for users of financial information to understand and analyze the performance and financial position of a company over time.
| 3. Can a company change its accounting policies under the consistency concept? | |
Yes, a company can change its accounting policies under the consistency concept. However, any changes should be disclosed in the financial statements along with the reasons for the change and its impact on the financial results. This ensures transparency and allows users to understand the effects of the change.
| 4. What are some examples of changes in accounting policies under the consistency concept? | |
Examples of changes in accounting policies that can occur under the consistency concept include changing from the straight-line method to the declining balance method for depreciation, changing from the first-in-first-out (FIFO) method to the average cost method for inventory valuation, or changing from the completed-contract method to the percentage-of-completion method for recognizing revenue in construction contracts.
| 5. How does the consistency concept affect financial statement analysis? | |
The consistency concept has a significant impact on financial statement analysis. By ensuring consistency in accounting methods and policies, it becomes easier to compare financial statements across different periods and make meaningful comparisons. It allows analysts to identify trends, evaluate performance, and make informed decisions based on reliable and consistent information.
About this Video
|
4.73/5 Rating |
|
Nov 15, 2024 Last updated |
Video Description: Consistency Concept for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation.
The notes and questions for Consistency Concept have been prepared according to the SSC CGL exam syllabus.
Information about Consistency Concept covers all important topics for SSC CGL 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Consistency Concept.
Introduction of Consistency Concept in English is available as part of our SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL & Consistency Concept in
Hindi for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year course. Download more important topics related with notes, lectures and mock test series for
SSC CGL Exam by signing up for free.
Description
Video Lecture & Questions for Consistency Concept Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year - SSC CGL full syllabus preparation | Free video for SSC CGL exam to prepare for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year.
Information about Consistency Concept
Here you can find the meaning of Consistency Concept defined & explained in the simplest way possible.
Besides explaining types of Consistency Concept theory, EduRev gives you an ample number of questions to practice Consistency Concept tests,
examples and also practice SSC CGL tests.
|
1365 videos|1312 docs|1010 tests
|
|
Explore Courses for SSC CGL exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
shortcuts and tricks
,Consistency Concept Video Lecture | SSC CGL Tier 2 - Study Material
,Free
,Extra Questions
,study material
,video lectures
,Previous Year
,Previous Year
,mock tests for examination
,Online Tests
,Previous Year Questions with Solutions
,Exam
,Previous Year
,Sample Paper
,practice quizzes
,Online Tests
,Online Tests
,ppt
,Objective type Questions
,Consistency Concept Video Lecture | SSC CGL Tier 2 - Study Material
,Summary
,Consistency Concept Video Lecture | SSC CGL Tier 2 - Study Material
,MCQs
,Semester Notes
,past year papers
,Viva Questions
,Important questions
;
Study Consistency Concept on the App
Students of SSC CGL can study Consistency Concept alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Consistency Concept,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Consistency Concept is prepared as per the latest SSC CGL syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup