Consistency Concept EXPLAINED By Saheb Academy

Accounting Concepts and Principles course, in this course we will learn about the Accounting Concepts and Principles, which form the foundation of financial accounting and reporting. Participants will explore key concepts such as the Accrual Concept, Matching Principle, Revenue Recognition Principle, and Historical Cost Principle. The course will cover the importance of the Consistency Principle, Prudence (Conservatism) Principle, and Going Concern Principle in ensuring accurate and reliable financial statements. Students will also delve into the Monetary Unit Assumption, Economic Entity Assumption, and Time Period Assumption, understanding their roles in standardizing accounting practices. The Full Disclosure Principle and Materiality Principle will be discussed to highlight their significance in providing comprehensive and relevant financial information. The Dual Aspect Concept and Realization Principle will be explained to show how they affect the recording and reporting of transactions. Additionally, the course will cover the Objectivity Principle, Relevance and Reliability Principle, and the Cost-Benefit Principle, emphasizing their roles in enhancing the quality of financial information.