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Concept Maps

Accounting Concepts — Concept Maps

NIOS · Class 12 · Accountancy

3 concept maps of Accounting Concepts for NIOS Class 12 Accountancy, each also written out as a text outline. Maps: Overview of All Nine Accounting.

44 questions20 flashcards5 concepts

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3 Concept Maps

Overview of All Nine Accounting Concepts

Overview of All Nine Accounting Concepts

The map in words

  • Accounting Concepts
    • Business Entity
      • Business and Owner are Separate
      • Capital is Liability
      • Drawings not Business Expense
    • Money Measurement
      • Only Monetary Transactions Recorded
      • Non-monetary Items Excluded
      • Records in Rupees
    • Going Concern
      • Business Continues Indefinitely
      • Basis for Depreciation
      • Assets at Book Value
    • Accounting Period
      • Life Divided into Periods
      • Financial Year April to March
      • Calendar Year Jan to Dec
    • Cost Concept
      • Assets at Historical Cost
      • Includes Transport and Installation
      • Not at Market Price
    • Dual Aspect
      • Every Transaction has Two Effects
      • Assets = Liabilities + Capital
      • Foundation of Double Entry
    • Realisation
      • Revenue on Delivery of Goods
      • Order is Not Realisation
      • Cash or Credit Both Count
    • Accrual
      • Revenue When Earned
      • Expense When Incurred
      • Irrespective of Cash Flow
    • Matching
      • Revenue Matched with Expenses
      • Same Accounting Period
      • Profit = Revenue minus Expenses

Accounting Concepts - Hierarchical Overview

Accounting Concepts - Hierarchical Overview

The map in words

  • Accounting Concepts
    • What to Record
      • Business Entity Concept
        • Separate business from owner
        • Only business transactions
      • Money Measurement Concept
        • Transactions in money terms
        • Quantifiable only
    • How to Value
      • Accounting Cost Concept
        • Purchase price plus related costs
        • Historical cost basis
      • Going Concern Concept
        • Business continues indefinitely
        • Gradual depreciation justified
    • When to Record
      • Accounting Period Concept
        • Regular time intervals
        • Usually one year
      • Realisation Concept
        • When goods delivered
        • Legal right to receive
      • Accrual Concept
        • When earned or incurred
        • Not when cash moves
    • Recording Mechanism
      • Dual Aspect Concept
        • Every transaction has two sides
        • Assets equal Liabilities plus Capital
    • Profit Calculation
      • Matching Concept
        • Revenue with related expenses
        • Same accounting period

Overview of All Nine Accounting Concepts

Overview of All Nine Accounting Concepts

The map in words

  • Accounting Concepts
    • Business Entity
      • Business and owner separate
      • Drawings not business expense
      • Capital is liability to owner
    • Money Measurement
      • Only monetary transactions recorded
      • Non-monetary items excluded
      • Common unit is Rupees
    • Going Concern
      • Business continues indefinitely
      • Basis for depreciation
      • Assets at cost not market price
    • Accounting Period
      • Life divided into equal periods
      • One year most common
      • Financial Year April to March
    • Cost Concept
      • Assets at historical cost
      • Cost plus transport plus installation
      • Also called Historical Cost
    • Dual Aspect
      • Every transaction has two effects
      • Assets equals Liabilities plus Capital
      • Foundation of Double Entry
    • Realisation
      • Revenue at delivery of goods
      • Order alone not realisation
      • Cash receipt timing irrelevant
    • Accrual
      • Revenue when earned not received
      • Expense when incurred not paid
      • Outstanding and Prepaid items
    • Matching
      • Revenue matched with expenses
      • Same accounting period only
      • True profit calculation

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Frequently Asked Questions

What are the important topics in Accounting Concepts for NIOS Class 12 Accountancy?
Key topics in Accounting Concepts include Overview and Meaning of Accounting Concepts, Business Entity Concept, Money Measurement Concept, Going Concern Concept. Study these first, then practise questions on each for the NIOS Class 12 board exam.
What do the concept maps for Accounting Concepts show?
The 3 maps show how the ideas in Accounting Concepts connect: Overview of All Nine Accounting Concepts; Accounting Concepts - Hierarchical Overview. Each map is also written out as an outline on this page.
How should I revise Accounting Concepts for the NIOS Class 12 board exam?
Learn the core ideas first, then work through the 44 practice questions on Accounting Concepts. 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

All NIOS Class 12 Accountancy Concept Maps

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