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Concept Maps

Accounting Concepts and Conventions — Concept Maps

NIOS · Class 10 · Accountancy

4 concept maps of Accounting Concepts and Conventions for NIOS Class 10 Accountancy, each also written out as a text outline.

77 questions32 flashcards5 concepts

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4 Concept Maps

Overview of Accounting Concepts and Conventions

Overview of Accounting Concepts and Conventions

The map in words

  • Accounting Concepts and Conventions
    • Accounting Concepts
      • Business Entity
        • Business and owner are separate
        • Capital and Drawings
      • Money Measurement
        • Only monetary transactions recorded
        • Common unit of measurement
      • Going Concern
        • Business continues indefinitely
        • Basis of Depreciation
      • Dual Aspect
        • Every transaction has two effects
        • Assets equals Liabilities plus Capital
    • Accounting Conventions
      • Consistency
        • Same methods every year
        • Disclose any change
      • Materiality
        • Record significant items only
        • Group trivial items together
      • Conservatism
        • No profit until realised
        • Provide for all possible losses

Correct vs Incorrect Thinking: Business Entity Concept

Correct vs Incorrect Thinking: Business Entity Concept

The map in words

  • WRONG THINKING
    • Owner and Business are SAME
      • Owner pays personal expense
        • Record as Business Expense
          • Profit is WRONG
  • CORRECT THINKING
    • Owner and Business are SEPARATE
      • Owner takes cash for personal use
        • Record as DRAWINGS
          • Profit is ACCURATE

Accounting Concepts and Conventions — Complete Overview

Accounting Concepts and Conventions — Complete Overview

The map in words

  • Accounting Concepts and Conventions
    • Accounting Concepts
      • Business Entity
        • Business and owner are separate
        • Capital is liability to owner
        • Drawings are not expenses
      • Money Measurement
        • Record only monetary transactions
        • Use Rupees as common unit
        • Non monetary facts not recorded
      • Going Concern
        • Business continues indefinitely
        • Assets valued at cost price
        • Basis for depreciation
      • Dual Aspect
        • Every transaction has 2 effects
        • Assets equal Liabilities plus Capital
        • Basis of Double Entry System
    • Accounting Conventions
      • Consistency
        • Same methods every year
        • Same depreciation method
        • Same stock valuation method
      • Materiality
        • Record significant items in detail
        • Group insignificant items together
        • Depends on nature and amount
      • Conservatism
        • Anticipate no profit
        • Provide for all possible losses
        • Stock valued at lower of cost or market

GAAP and the basic concepts and conventions of accounting

GAAP and the basic concepts and conventions of accounting

The map in words

  • GAAP and the basic concepts and conventions of accounting
    • Accounting Concepts
    • Accounting Conventions
    • Business Entity Concept
    • Money Measurement Concept
    • Going Concern Concept
    • Dual Aspect Concept
    • Convention of Consistency
    • Convention of Materiality

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Frequently Asked Questions

What are the important topics in Accounting Concepts and Conventions for NIOS Class 10 Accountancy?
Key topics in Accounting Concepts and Conventions include Accounting Concepts, Business Entity Concept, Money Measurement Concept, Going Concern Concept. Study these first, then practise questions on each for the NIOS Class 10 board exam.
What do the concept maps for Accounting Concepts and Conventions show?
The 4 maps show how the ideas in Accounting Concepts and Conventions connect: Overview of Accounting Concepts and Conventions; Correct vs Incorrect Thinking: Business Entity Concept. Each map is also written out as an outline on this page.
How should I revise Accounting Concepts and Conventions for the NIOS Class 10 board exam?
Learn the core ideas first, then work through the 77 practice questions on Accounting Concepts and Conventions. Revise 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 Accounting Concepts and Conventions

All NIOS Class 10 Accountancy Concept Maps

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