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Question

Consistency with reference to application of accounting procedures means:

A
All companies in the same industry should use identical accounting procedures
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B
Income & assets have not been overstated
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C
Accounting methods & procedures shall be followed on a uniform basis year after year
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D
Any accounting method can be followed as per convenience
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Solution

The correct option is C Accounting methods & procedures shall be followed on a uniform basis year after year
Consistency with reference to application of accounting procedures means accounting methods & procedures shall be followed on a uniform basis year after year.

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