CONSISTENCY PRINCIPLE Definition

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CONSISTENCY PRINCIPLE requires accountants to apply the same methods and procedures from period to period. When they change a method from one period to another they must explain the change clearly on the financial statements.

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DEFERRED REVENUE EXPENDITURE see DEFERRED EXPENDITURE.

RELEVANT ASSERTION, in accounting, is a financial statement assertion that has a reasonable possibility of containing a misstatement or misstatements that would cause the financial statements to be materially misstated.

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