Accounting for IGCSE & O level - Advanced Principles (Section 1 - No. 8)
What is the main focus of the consistency principle?
To exercise caution in accounting and avoid overstating assets or income.
To recognize revenues when cash is received.
To use the same accounting methods from one period to the next.
To exercise caution in accounting
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The consistency principle requires businesses to use the same accounting methods from one period to the next.