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Accounting Terms

NIOS · Class 10 · Accountancy

Quick revision notes for Accounting Terms — NIOS Class 10 Accountancy. Key concepts, formulas, and definitions for last-minute revision.

74 questions28 flashcards5 concepts

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Key Topics to Revise

1

1. Core Accounting Terms

  • Capital is the amount invested by the owners in the business.
  • Capital is also called owner's equity.
  • Owner's equity represents the owner's investment or stake in the assets of the business.
2

2. Classification of Assets and Liabilities

  • Fixed assets are acquired not for resale but to increase the earning capacity of the business.
  • Examples of fixed assets are land, building, machinery, computer, furniture, vehicles and live stock.
  • Current assets are retained to be converted into cash within a short period of time, usually one year.
3

3. Revenue, Expense, Expenditure, Profit and Loss

  • Revenue refers to the inflow of money or other assets from the sale of goods or services or from the use of money.
  • Revenue is the amount realized or receivable from the sale of goods.
  • Amount received from sale of assets or borrowing a loan is not revenue.
4

4. Purchases, Sales, Stock, Debtors and Creditors

  • Purchases always refer to purchases of merchandise.
  • Purchases means goods and services in which the firm deals.
  • Purchases of cars for an automobile dealer are purchases.

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Full Notes

Key Concepts

Capital is the amount invested byDrawings are the amount of cashAn asset is anything owned byFixed assets are held for longLiabilities are the obligations or debts

Frequently Asked Questions

What are the important topics in Accounting Terms for NIOS Class 10 Accountancy?
Key topics in Accounting Terms include Accounting Terms Hierarchy - Complete Framework, Is It an Asset or a Liability? — Decision Flowchart, Overview of Key Accounting Terms. These are the concepts NIOS Class 10 examiners draw on most — study them first, then practise related questions.
How to score full marks in Accounting Terms — NIOS Class 10 Accountancy?
Understand the core concepts first, then work through the 74 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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