Chapter 3 of 10
Concept Maps
Accounting Conventions and Standards — Concept Maps
NIOS · Class 12 · Accountancy
3 concept maps of Accounting Conventions and Standards for NIOS Class 12 Accountancy, each also written out as a text outline.
44 questions24 flashcards5 concepts
Interactive on Super Tutor
Studying Accounting Conventions and Standards? Get the full interactive chapter.
Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for concept maps and more.
Free trial, no card needed.
3 Concept Maps
Accounting Conventions and Standards Overview
The map in words
- Accounting Conventions & Standards
- Accounting Conventions
- Consistency
- Vertical
- Horizontal
- Dimensional
- Full Disclosure
- Complete Information
- Fair Presentation
- Adequate Details
- Materiality
- Material Facts
- Immaterial Facts
- Nature & Amount
- Conservatism
- Anticipate Losses
- No Premature Profit
- Playing Safe
- Consistency
- GAAP & Standards
- Generally Accepted Principles
- Broad Framework
- Professional Support
- Evolved Over Time
- Accounting Standards
- ICAI 29 Standards
- IASC 40 Standards
- Specific Guidelines
- Key Standards
- AS-1 Disclosure
- AS-2 Inventory
- AS-6 Depreciation
- AS-9 Revenue
- Generally Accepted Principles
- Accounting Conventions
Overview of Accounting Conventions and Standards
The map in words
- Accounting Conventions and Standards
- Accounting Conventions
- Consistency
- Same methods year after year
- Three Types
- Vertical
- Horizontal
- Dimensional
- Full Disclosure
- Full Fair Adequate
- Material facts disclosed
- Companies Act Schedule VI
- SEBI Regulations
- Materiality
- Only significant items
- Nature and amount
- Immaterial items grouped
- Conservatism
- Anticipate no profit
- Provide for all losses
- Stock at lower of cost or market
- Provision for bad debts
- Consistency
- GAAP
- Generally Accepted Principles
- Professional body support
- Includes concepts and conventions
- Indian GAAP vs Global GAAP
- Accounting Standards
- ICAI formed ASB in 1977
- IASC formed in 1973 London
- ICAI issued 29 Standards
- IASC issued 40 Standards
- AS-1 to AS-29
- Initially recommendatory
- Later made mandatory
- Accounting Conventions
Mind map showing the four major accounting conventions and their key characteristics
The map in words
- Accounting Conventions
- Consistency
- Same methods yearly
- Vertical consistency
- Horizontal consistency
- Dimensional consistency
- Full Disclosure
- All material facts
- Fair information
- Complete details
- Materiality
- Significant items
- Important facts
- Relevant information
- Conservatism
- Anticipate losses
- Play it safe
- Minimum profit
- Consistency
Explore these maps interactively
Explore DiagramsFrequently Asked Questions
What are the important topics in Accounting Conventions and Standards for NIOS Class 12 Accountancy?
Key topics in Accounting Conventions and Standards include Meaning of Accounting Conventions, Convention of Consistency, Convention of Full Disclosure, Convention of Materiality. Study these first, then practise questions on each for the NIOS Class 12 board exam.
What do the concept maps for Accounting Conventions and Standards show?
The 3 maps show how the ideas in Accounting Conventions and Standards connect: Accounting Conventions and Standards Overview; Overview of Accounting Conventions and Standards. Each map is also written out as an outline on this page.
How should I revise Accounting Conventions and Standards for the NIOS Class 12 board exam?
Learn the core ideas first, then work through the 44 practice questions on Accounting Conventions and Standards. 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 Conventions and Standards
For serious students
Get the full Accounting Conventions and Standards chapter — start free.
Quizzes, flashcards, an AI doubt solver and a study plan for NIOS Class 12 Accountancy. Free to start, no card needed.