Answers
option C
consistency principle ; it is of the basic accounting principle
according to consistency principle , if a company follows a particular principles , practices , and procedures they follow the same in the future periods for example if a company follows straight line depreciation method it should follow the same method in the following years
when a company changes accounting principle it must disclose following in the financial statements such as
1 - nature of policy followed
2 - reason for the change of policy
3 - the amount of effect on financial statements
company can change accounting method to
- to compliance with laws and standards
- to present the financial statements in reliable & accurate manner
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