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Revision Notes

Generally Accepted Accounting Principles (GAAP)

ICSE · Class 11 · Accountancy

Quick revision notes for Generally Accepted Accounting Principles (GAAP) — ICSE Class 11 Accountancy. Key concepts, formulas, and definitions for last-minute revision.

63 questions40 flashcards5 concepts

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Key Topics to Revise

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1. Meaning and Nature of Accounting Principles

  • Accounting principles are rules and guidelines used in accounting statements.
  • Accounting standards issued by ICAI also form part of the theory base of accounting.
  • The general acceptance of an accounting principle depends on relevance, objectivity, and feasibility.
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2. Basic Accounting Assumptions as per AS4

  • AS4 lists three basic accounting assumptions: going concern, consistency, and accrual.
  • Going concern means the business will continue for a long time in future.
  • Under going concern, fixed assets are valued at cost, not forced-sale value or market value.
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3. Other Accounting Concepts

  • Business entity concept treats the business as separate from the owner.
  • The proprietor is treated as a creditor of the business to the extent of capital invested.
  • Capital invested by the proprietor is shown on the liabilities side of the balance sheet.
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4. Bases of Revenue Recognition

  • There are three bases for revenue recognition: sales basis, cash basis, and production basis.
  • Under sales basis, revenue is recognised at the point of sale when title passes from seller to buyer.
  • Under cash basis, revenue is recognised when cash is actually received.

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Full Notes

Key Concepts

GAAP means the common rulesAccounting principles are uniform rules developedGoing concernThe business is treated as separateOnly those transactions that can be

Frequently Asked Questions

What are the important topics in Generally Accepted Accounting Principles (GAAP) for ICSE Class 11 Accountancy?
Generally Accepted Accounting Principles (GAAP) covers several key topics that are frequently asked in ICSE 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 Generally Accepted Accounting Principles (GAAP) — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 63 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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