Question

Give the word term or phrase which can substitute each of the following statements :

Concept under which comparison of one accounting period with the other period is possible.

Answer 1

Concept under which comparison of one accounting period with the other period is possible- Consistency Concept

Explanation:
The consistency concept facilitates the comparison of one accounting period with the other period. It states that all the accounting principles or methods used for business transaction should remain constant from year to year to enable the management to compare the profits or losses over different years.