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The Consistency Convention requires:
AAll entries posted on the same day each month
BSame accounting principles used year after year for comparability
CIdentical chart of accounts across all companies
DAnnual change in depreciation method
Answer & Solution
Correct answer: B. Same accounting principles used year after year for comparability
1. Per OCR: "same accounting principles should be used for preparing financial statements year after year."
2. Enables meaningful comparison across periods.
3. Material change in policy requires disclosure.
_Source: ICMAI BoS CMA Foundation Paper 2 (FFCA) — Paper2_07042026.pdf, Module 1 §1.2.2.2 (page 18)_