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Revision Notes

Theory Base of Accounting

Bihar Board · Class 11 · Accountancy

Quick revision notes for Theory Base of Accounting — Bihar Board Class 11 Accountancy. Key concepts, formulas, and definitions for last-minute revision.

61 questions22 flashcards5 concepts

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Key Topics to Revise

1

Generally Accepted Accounting Principles (GAAP)

  • GAAP refers to rules or guidelines adopted for recording and reporting business transactions
  • Brings uniformity in preparation and presentation of financial statements
  • Evolved over time based on past experiences, customs, and professional practices
2

Basic Accounting Concepts - Part 1 (Entity, Money Measurement, Going Concern)

  • Business Entity Concept: Business and owner are separate entities
  • Capital brought by owner is treated as liability of business
  • Personal transactions of owner not recorded in business books
3

Basic Accounting Concepts - Part 2 (Accounting Period, Cost, Dual Aspect)

  • Accounting Period: Regular intervals for preparing financial statements (usually one year)
  • Required by Companies Act 2013 and Income Tax Act
  • Listed companies prepare quarterly statements
4

Basic Accounting Concepts - Part 3 (Revenue Recognition, Matching, Full Disclosure)

  • Revenue Recognition: Revenue recorded when legal right to receive arises
  • Credit sales treated as revenue when sale is made, not when cash received
  • Exceptions: Long-term contracts and hire purchase sales

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Full Notes

Key Concepts

GAAP refers to rules and guidelinesBusiness is treated as separateOnly transactions that can be expressedAssumes that business will continue operationsFinancial statements are prepared at regular

Frequently Asked Questions

What are the important topics in Theory Base of Accounting for Bihar Board Class 11 Accountancy?
Theory Base of Accounting covers several key topics that are frequently asked in Bihar Board Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Theory Base of Accounting — Bihar Board Class 11 Accountancy?
Understand the core concepts first, then work through the 61 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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