Theory Base of Accounting
Nagaland Board · Class 11 · Accountancy
Flashcards for Theory Base of Accounting — Nagaland Board Class 11 Accountancy. Quick Q&A cards covering key concepts, definitions, and formulas.
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What are Generally Accepted Accounting Principles (GAAP)?
Answer
GAAP refers to the rules or guidelines adopted for recording and reporting of business transactions to bring uniformity in the preparation and presentation of financial statements. These principles ha…
Explain the Business Entity Concept with an example.
Answer
The Business Entity Concept assumes that business has a distinct and separate entity from its owners. For accounting purposes, business and owners are treated as two separate entities. Example: When R…
What is the Money Measurement Concept and what are its limitations?
Answer
Money Measurement Concept states that only transactions that can be expressed in monetary terms are recorded in books of accounts. All assets are recorded in rupees and paise, not in physical units. L…
Why is the Going Concern Concept important for asset valuation?
Answer
Going Concern assumes business will continue operations indefinitely. This allows us to spread the cost of assets over their useful life through depreciation rather than charging the entire cost in th…
What is the Accounting Period Concept and why is it necessary?
Answer
Accounting Period refers to the time span (usually one year) at the end of which financial statements are prepared to determine profits/losses and financial position. It's necessary because users need…
Calculate the total cost to be recorded for a plant purchased by Shiva Enterprise: Purchase price ₹50 lakh, Transportation ₹10,000, Repairs ₹15,000, Installation ₹25,000.
Answer
Total cost = Purchase price + Transportation + Repairs + Installation = ₹50,00,000 + ₹10,000 + ₹15,000 + ₹25,000 = ₹50,50,000. This follows the Cost Concept which requires recording assets at their to…
State the fundamental Accounting Equation and explain the Dual Aspect Concept.
Answer
Fundamental Accounting Equation: Assets = Liabilities + Capital. Dual Aspect Concept states that every transaction has two-fold effect and should be recorded at two places. This means at least two acc…
When is revenue considered 'realised' according to the Revenue Recognition Concept?
Answer
Revenue is realised when a legal right to receive it arises, i.e., when goods are sold or services are rendered, not when cash is received. Credit sales are treated as revenue on the day of sale. For …
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