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.

Learn new Accounting Terms

FISCAL QUARTER is any of the four financial accounting quarters within a fiscal year. See FISCAL YEAR.

DEPRECIATION RECAPTURE is a provision contained in the Internal Revenue Code that makes excess depreciation taken on real property subject to income tax upon the sale or disposition of the property.

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