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CBSE Class 11 — Notes, Chapters & Practice Quizzes

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Accountancy · 9 chapters
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Chapter 2: Theory Base of AccountingClass 11 Accountancy — summary, notes, extra questions & MCQ quiz

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GAAP stands for:

Summary

To make accounting information reliable and comparable, a sound theory base is required. The theory base consists of principles, concepts, rules and guidelines developed over time, together with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI). Generally Accepted Accounting Principles (GAAP) are the rules adopted for recording and reporting transactions to bring uniformity in financial statements; the terms principles, concepts and conventions are used interchangeably as basic accounting concepts. The important concepts are business entity, money measurement, going concern, accounting period, cost, dual aspect, revenue recognition (realisation), matching, full disclosure, consistency, conservatism (prudence), materiality and objectivity. The dual aspect concept gives the fundamental accounting equation, Assets = Liabilities + Capital. Transactions may be recorded under the double entry system, which records both aspects of every transaction, or the single entry system, which is incomplete. From the timing of recognition, accounting may follow the cash basis (recording when cash is received or paid) or the accrual basis (recording when revenues and costs occur). Accounting Standards are written policy documents covering recognition, measurement, presentation and disclosure, issued to bring uniformity and comparability. The chapter also explains the Goods and Services Tax (GST), a destination-based tax with CGST, SGST and IGST components.

Generally Accepted Accounting Principles (GAAP)Basic accounting conceptsSystems of accounting: double and single entryCash and accrual basis of accountingAccounting Standards and Goods and Services Tax (GST)

Key terms

GAAP
Generally Accepted Accounting Principles—the rules and guidelines adopted for recording and reporting transactions to bring uniformity in financial statements.
Business Entity Concept
The assumption that the business has a distinct and separate existence from its owners, so their personal transactions are excluded.
Going Concern Concept
The assumption that a business will continue its operations for a fairly long period and will not be liquidated in the near future.
Dual Aspect Concept
The principle that every transaction has a two-fold effect, expressed as the accounting equation Assets = Liabilities + Capital.
Conservatism (Prudence)
The concept that profits are not recorded until realised but all anticipated losses are provided for.
Accounting Standards
Written policy documents issued by the ICAI covering recognition, measurement, presentation and disclosure of accounting transactions.

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Generally Accepted Accounting Principles—the rules and guidelines adopted for recording and reporting transactions to bring uniformity in financial statements.
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Theory Base of Accounting

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