Accounting Concepts
NIOS · Class 12 · Accountancy
Flashcards for Accounting Concepts — NIOS Class 12 Accountancy. Quick Q&A cards covering key concepts, definitions, and formulas.
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What are accounting concepts and why are they important?
Answer
Accounting concepts are basic assumptions, rules, and principles that serve as the foundation for recording business transactions and preparing financial accounts. They are important because they: 1.
Define the Business Entity Concept and explain why it is the foundation of accounting.
Answer
The Business Entity Concept states that for accounting purposes, a business enterprise and its owners are two separate, independent entities. Key Points: - The business is treated as a separate unit …
What is the Money Measurement Concept? What types of transactions are recorded under this concept?
Answer
The Money Measurement Concept states that all business transactions must be expressed in terms of money (currency) to be recorded in accounting books. Transactions Recorded (In Monetary Terms): - Pur…
Explain the Going Concern Concept with an example of how it affects asset valuation.
Answer
The Going Concern Concept assumes that a business enterprise will continue its operations indefinitely and will not be dissolved in the near future. Key Implications: 1. Assets are valued and recorde…
What is the difference between Calendar Year and Financial Year?
Answer
Calendar Year: - Begins: 1st January - Ends: 31st December - Duration: 12 months - Example: 2023 = Jan 1 to Dec 31, 2023 - Used for: Personal taxation, general reference Financial Year (In India): - …
Define the Accounting Cost Concept. What is the difference between cost and market price?
Answer
The Accounting Cost Concept (also called Historical Cost Concept) states that all assets are recorded in books of accounts at their purchase price (cost of acquisition), not at their market price. Co…
What is the Dual Aspect Concept? How is it expressed as a fundamental accounting equation?
Answer
The Dual Aspect Concept states that every business transaction has two aspects - it affects two accounts on their opposite sides. Fundamental Accounting Equation: **Assets = Liabilities + Capital** …
Analyze this transaction using Dual Aspect Concept: 'A company purchases furniture for ₹30,000 by cash.' What are the two aspects?
Answer
Transaction: A company purchases furniture for ₹30,000 by cash Aspect 1 (What is given): - Cash decreases by ₹30,000 - Account affected: Cash/Bank Account - Effect: Decrease in asset Aspect 2 (What…
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