Accounting · Accounting Concepts and Principles
Consider the following statements regarding the 'Consistency Principle' in accounting: 1) The same accounting policies should be used from one period to another. 2) Changes in accounting policies are allowed if required by law or standards, provided full disclosure is made. 3) No change in accounting policies is permitted under any circumstances. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2 and 3
- 21 only
- 32 only
- 41 and 2 only✓
Correct answer
1 and 2 only
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