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Basis of Accounting

ICSE · Class 11 · Accountancy

Step-by-step guide to study Basis of Accounting in ICSE Class 11 Accountancy. Topics to cover, practice strategy, and time allocation.

60 questions28 flashcards5 concepts

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Study Plan

1
Day 1–2

Learn the Theory

Read the textbook chapter carefully. Note down definitions, formulas, and key concepts.

2
Day 3

Practice Problems

Solve textbook exercises and additional practice questions. There are 60 questions available for this chapter.

3
Day 4

Revise & Test

Revise key formulas and concepts without looking at notes. Take a practice quiz to test your understanding. Mark weak areas for re-revision.

4
Day 7

Spaced Revision

Revisit Basis of Accounting after a week. Use flashcards for quick recall. Solve previous year questions from this chapter.

What to Focus On

  • Only cash transactions are recorded.
  • Income is recognized only on cash receipt.
  • Expense is recognized only on cash payment.

  • Income is recorded when earned or accrued.
  • Expense is recorded when incurred or due.
  • Both cash and credit transactions are recorded.

  • Cash basis records only cash transactions; accrual basis records cash and credit transactions.
  • Cash basis records income and expense only on cash movement.
  • Accrual basis records income and expense on earning or incurring.

Common Mistakes to Avoid

Cash basis and accrual basis mean the same thing because both are used to calculate profit.

Credit sales are recorded under cash basis because sales still happen.

Accrual basis records income only when cash is received, just like cash basis.

Memory Tips

Cash basis meaning

Accrual basis meaning

Cash basis follows cash only

Accrual basis includes credit transactions

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Frequently Asked Questions

What are the important topics in Basis of Accounting for ICSE Class 11 Accountancy?
Basis of Accounting 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 Basis of Accounting — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 60 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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