CFO Question:
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Tell me convention of Consistency?

Answer:

This accounting convention proposes that the same accounting principles, procedures and policies should be used consistently on a period to period basis for preparing financial statements to facilitate comparison of financial statements on period to period basis. If any changes are made in the accounting procedures or policies, then it should be disclosed explicitly while preparing the financial statements.

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Explain name one major achievement in your career?Tell me mercantile or Accrual System of Accounting?