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JAMB Principles of Accounts 2004 Question 1

Question 1

Accounting Concepts and Conventions

The accounting principle that is applied to check arbitrary actions on the part of accountants is

  1. A.consistency
  2. B.materiality
  3. C.objectivity
  4. D.realization
Show the answer and explanation

Answer: A (consistency)

Explanation

The consistency concept stops accountants from changing methods (for example of depreciation or stock valuation) from year to year at will, so results stay comparable.