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English definition of “consistency concept”

consistency concept

noun [S]
 
 
( also consistency principle)
ACCOUNTING a basic principle of accounting stating that the same methods for doing accounts should be used from one financial year to the next so that profits, losses, etc. can be compared: According to the consistency concept, once a business has decided on a particular method for treating an accounting item, it will treat all similar items in the same way in the future.
(Definition of consistency concept from the Cambridge Business English Dictionary © Cambridge University Press)
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