Fw: What is the consistency principle?

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Term of the Day for Tuesday, May 8, 2012 consistency principle Home  |  Answers  |  Articles  |  Tips  |  Browse By Subject Term of the Day consistency principle Accounting: The idea in accounting that once an accounting method is adopted, it should be followed consistently from one accounting period to the next. If, for any reason, the accounting method is changed, a full disclosure of the change and an explanation of its effects on the items of the financial statements must be given. One of the duties of an auditor is to make sure the consistency principle is being followed because, without this, any change might make correct interpretation of the financial data impossible. Also called consistency concept. See also accounting concepts.   Was this helpful?    YES  |  NO   consistency principle is in the Accounting & Auditing subject.   consistency principle appears in the definition of the following term: consistency concept.   Share this: Facebook Twitter Digg StumbleUpon Featured Article Setting Realistic Goals by Limiting Expectations Agreeing to realistic goals is the first lesson a fledgling business should learn. Realistic goals should form the backbone of your company and are the most important part of your annual business plan. The... Read Full Article ING Direct Investing Buy GOOG for Just $4 Click Here to View This Offer... The Options Industry Council Make the most of Volatility. Stream a free Webcast from The Options Industry Council. Click Here to View This Offer...   Search for a term in our comprehensive business dictionary More links to important investing resources InvestorWords Glossary With over 15,000 definitions, InvestorWords is the most comprehensive financial glossary available on the web and has helped millions of individuals understand today's financial world. InvestorGuide Stock Research Our powerful, comprehensive stock research tool covers thousands of tickers. It provides everything you need to know about a stock including charts, news, profile, earnings data, analysis and much more. Try it Today! Our Other Newsletters The InvestorGuide Daily summarizes important financial news and commentary of the day, and the InvestorGuide Stock of the Day provides comprehensive research and information about a stock that is making news in the markets. Copyright 2012 WebFinance Inc. All Rights Reserved. BusinessDictionary.com Term of the Day is published by WebFinance Inc., the operators of www.investorwords.com, www.investorguide.com, and www.businessdictionary.com, and is sent only to those who have specifically requested it. If you know others who might like to receive this newsletter, feel free to forward this issue to them.

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