Accounting procedures and accounting practices should remain same from year to year under which of the following accounting principles:

Materiality Principle

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Timeliness Principle

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Consistency Principle

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Conservatism Principle

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Solution

The correct option is C Consistency Principle
The consistency principle states that, once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods.

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Similar questions

List-I(Accounting concept)	List-II(Principle involved)
I. Consistency	(a) Losses are anticipated and accounted for in advance but profits are not accounted for until realised
II. Comparability	(b) All the relevant financial information should be summarised and presented in the accounting statements
III. Conservatism	(c) According procedures in an entity should be followed uniformly from period to period
IV. Disclosure	(d) Accounting statement of different periods of an entity and those of different entities of a period should be based on the same accounting principles and procedures
	(e) Personal Judgement of accountants should not influence accounting measurements

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