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
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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.
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Oct 23, 2024 Last updated |
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