Meaning of “consistency concept” in the English Dictionary


"consistency concept" in Business English

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consistency conceptnoun [ S ]

uk us 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)