What accounting principle emphasizes that financial statements should be prepared using the same methods over time?

The principle that emphasizes the consistent application of accounting methods over time is known as consistency. This principle ensures that financial statements are comparable across different periods, which is essential for users of financial statements, such as investors and stakeholders, to make informed decisions. When an entity applies the same accounting policies and practices from one period to the next, it helps maintain the reliability and predictability of financial information. This consistency allows users to identify trends and evaluate the performance of the business more effectively.

By adhering to the consistency principle, an organization promotes transparency and enhances the credibility of its financial reporting. Changes to accounting methods can be made, but they must be clearly disclosed in the financial statements to maintain transparency for stakeholders.