Explanation:

- Prudence: This principle means being careful not to overstate assets or income, and not to understate liabilities or expenses. It is an important part of accounting policies.

- Consistency: This concept requires that companies use the same accounting methods from period to period, which makes financial statements comparable over time.

- Substance over form: This principle emphasizes the economic reality of transactions rather than just their legal form. It's a key consideration when setting accounting policies.

- Materiality: This relates to the significance of information. Only information that would affect user decisions needs to be disclosed.

The correct answer is Consistency. While consistency is important, it’s not a *major* consideration in the initial selection and application of accounting policies; it comes into play more after a policy has been chosen, to ensure comparability.