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WAEC Financial Accounting 2008 Question 44

Question 44

Accounting Concepts and Conventions

The practice of identifying with one constant approach where a number of approaches exist for solving an accounting problem is the convention of

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

Answer: B (consistency)

Explanation

Using the same method each period is consistency.