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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Distinguish between comparability and consistency.

To determine

Comparability and Consistency

The comparability and consistency characteristics of information contained in the financial statement is equally and parallelly required. The comparability of information among different companies in the same period and for different periods in the same company can only be possible when the same and consistent accounting principles are followed by the different companies and in the different periods.

The characteristics of Comparability and Consistency of Useful information.

Explanation

The Comparability characteristics of information state that group information of different companies must be compared so as to know the performance of respective companies and also such information must be compared among different periods for the same company.

Such comparability is not possible without the consistency characteristic of Information...

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