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Generally Accepted Accounting Principles (GAAP) — Flashcards

ICSE · Class 11 · Accountancy

40 flashcards for Generally Accepted Accounting Principles (GAAP) (ICSE Class 11 Accountancy) to test yourself on key terms and facts.

63 questions40 flashcards2 formulas & key relations5 concepts

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40 Flashcards·
Meaning of GAAPNeed for accounting principlesNature of accounting principlesGoing concern conceptConsistency conceptAccrual concept
Card 1Meaning of GAAP

What is GAAP in accounting?

Answer

GAAP means Generally Accepted Accounting Principles. It is the set of rules, concepts, conventions, and guidelines used for recording, interpreting, and reporting business transactions. Its purpose is…

Card 2Need for accounting principles

Why are accounting principles needed?

Answer

Accounting principles are needed to make financial statements meaningful, reliable, and comparable. They help in comparing one firm with another and also comparing the same firm across different years…

Card 3Nature of accounting principles

What are the three criteria for the general acceptance of an accounting principle?

Answer

The general acceptance of an accounting principle depends on three criteria: relevance, objectivity, and feasibility. Relevance means the information is useful. Objectivity means it is free from perso…

Card 4Going concern concept

What does the going concern concept mean?

Answer

The going concern concept assumes that a business will continue for a long time in the future and will not be closed immediately. Because of this assumption, fixed assets are valued at cost, not at fo…

Card 5Going concern concept

How does the going concern concept affect asset valuation?

Answer

Under the going concern concept, fixed assets are valued at cost and not at forced-sale value or market value. This is because the business is assumed to continue operating, so assets are meant to be …

Card 6Consistency concept

What is the consistency concept?

Answer

The consistency concept means that once a method is chosen for accounting, it should be used uniformly year after year so that financial statements remain comparable. For example, the same method of d…

Card 7Consistency concept

Why is consistency important in accounting?

Answer

Consistency is important because it allows comparison of results from one year to another and also between different businesses in the same field. If methods keep changing, the profit and loss account…

Card 8Accrual concept

What is the accrual concept?

Answer

The accrual concept means that revenue is recorded when sales are made or services are rendered, and expenses are recorded when they become due, not when cash is received or paid. It gives a better me…

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Frequently Asked Questions

What are the important topics in Generally Accepted Accounting Principles (GAAP) for ICSE Class 11 Accountancy?
Key topics in Generally Accepted Accounting Principles (GAAP) include Meaning and Nature of Accounting Principles, Basic Accounting Assumptions as per AS4, Other Accounting Concepts, Bases of Revenue Recognition. Study these first, then practise questions on each for Class 11 exams.
How many flashcards are available for Generally Accepted Accounting Principles (GAAP)?
There are 40 flashcards for Generally Accepted Accounting Principles (GAAP) covering key definitions, facts and ideas. A few sample cards are shown on this page.
How should I revise Generally Accepted Accounting Principles (GAAP) for Class 11 exams?
Learn the core ideas first, then work through the 63 practice questions on Generally Accepted Accounting Principles (GAAP). Revise definitions regularly and use flashcards for quick recall before the exam.

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

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