ALL ABOUT ACCOUNTING :- 9th BLOG

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A.            *****ACCOUNTING*****

Hi freinds 🙏.,
           Today's discuss 4th accounting principles...

 So let's discuss...

 ★ CONSISTENCY :- 
The concept of accounting consistency refers to the principle that companies should use the same accounting methods to record similar transactions over time. ... Companies are not allowed to change from one method to another in a current year then back to the previous method the following year.

★ Why is consistency Important role in business :-
Consistency develops routines and builds momentum. It forms habits that become almost second nature. ... Consistency is especially important in business. Restaurants, for example, must be consistent, because customers come in expecting the same good food all the time.
        Consistency is the key to success. Consistency leads to habits. Habits form the actions we take every day. Action leads to success.

★ Importance in accounting :- 
Consistency concept is important because of the need for comparability, that is, it enables investors and other users of financial statements to easily and correctly compare the financial statements of a company.

★ Principle of consistency by GAAP [Generally Accepted Accounting 
Principles] :- This principle ensures that consistent standards are followed in financial reporting.

consistency is key.












★Remaining 9 principles discuss in 10th blog..★
                                     ★So wait my 10th blog.....★
 
           ___________________________________

* Buy some income tax act books :- 

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* Buy some printing bill calculators with
 tax :-
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* Buy some accounting finance related 
books:- 
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* Buy some revenue recognition books :- 
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* Buy some books for conservatism principle in accounting :- 
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                                      ★★★★★

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