Skip to main content
Super TutorResources
Chapter 2 of 9
QuestionsNotesFlashcardsSummaryFormulasQuizConceptsSyllabusPlan
Revision Notes

Theory Base of Accounting

CBSE · Class 11 · Accountancy

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

70 questions88 flashcards5 concepts

Interactive on Super Tutor

Studying Theory Base of Accounting? Get the full interactive chapter.

Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for revision notes and more.

Try Super Tutor — Free

1,000+ Class 11 students started this chapter today

Key Topics to Revise

1

1. Need for Theory Base of Accounting

  • Accounting records transactions, classifies them, summarises them, and interprets the results.
  • Accounting information must be reliable and comparable.
  • Comparability is needed for inter-firm comparison and inter-period comparison.
2

2. Generally Accepted Accounting Principles

  • GAAP means rules or guidelines adopted for recording and reporting business transactions.
  • GAAP is used to bring uniformity in preparation and presentation of financial statements.
  • The term principle is defined as a general law or rule adopted or professed as a guide to action, a settled ground or basis of conduct or practice.
3

3. Basic Accounting Concepts

  • The basic accounting concepts are the fundamental ideas underlying financial accounting.
  • The main concepts are: business entity, money measurement, going concern, accounting period, cost, dual aspect, revenue recognition, matching, full disclosure, consistency, conservatism, materiality,
  • These concepts support the theory and practice of accounting.
4

4. Important Basic Accounting Concepts

  • Business entity concept means business and owner are separate entities.
  • Money measurement concept records only transactions that can be expressed in money.
  • Going concern assumes the business will continue for a fairly long time.

Get complete notes with diagrams and examples

Full Notes

Key Concepts

GAAP refers to the rulesAccounting standards are authoritative statements issuedBusiness is treated as separate fromOnly those transactions and eventsA business is assumed to continue

Frequently Asked Questions

What are the important topics in Theory Base of Accounting for CBSE Class 11 Accountancy?
Theory Base of Accounting covers several key topics that are frequently asked in CBSE 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 — CBSE Class 11 Accountancy?
Understand the core concepts first, then work through the 70 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.

More resources for Theory Base of Accounting

All 9 chapters — CBSE Class 11 Accountancy Revision Notes

For serious students

Get the full Theory Base of Accounting chapter — for free.

Quizzes, flashcards, AI doubt-solver and a step-by-step study plan for CBSE Class 11 Accountancy.

Try Super Tutor Free
Try the full chapter — Free