Practice Consistency Concept - 6.2.8 | 6. Accounting Concepts | ICSE Class 11 Accountancy
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Knowledge

6.2.8 - Consistency Concept

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

Define the consistency concept in accounting.

💡 Hint: Think about how financial statements need to maintain uniformity.

Question 2

Easy

Why is consistency important for financial reporting?

💡 Hint: Consider how comparisons are made in finance.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the main principle of the consistency concept?

  • Use different accounting methods
  • Use the same accounting methods over periods
  • Change methods without disclosure

💡 Hint: Think about why uniform methods make evaluations easier.

Question 2

True or False: The principle of consistency allows businesses to change accounting practices at any time without disclosure.

  • True
  • False

💡 Hint: Recall the importance of communication in accounting.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Analyze the financial implications of changing a depreciation method from straight-line to declining-balance. Discuss the potential effects on net income and stakeholders.

💡 Hint: Evaluate both short-term and long-term effects.

Question 2

Evaluate how a company’s frequent method changes in its financial reports may lead to regulatory scrutiny. Discuss consequences.

💡 Hint: Consider the role of regulatory bodies in ensuring accounting integrity.

Challenge and get performance evaluation