Theory Base of Accounting
Class 11 Accountancy · Financial Accounting Part I · Chapter 2
CBSE Class 11 community
View all
Accountancy, Business Studies, Economics + English
7~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Every subject, one purchase- Accountancy
- Business Studies
- + 3 more
Accountancy
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- Accountancy
Physics, Chemistry, Maths + English
7~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Every subject, one purchase- Mathematics
- Physics
- + 3 more
Physics, Chemistry, Biology + English
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Every subject, one purchase- Physics
- Chemistry
- + 3 more
Accountancy
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
TrendingRevise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Accountancy
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Hindi Elective
2~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- हिंदी
Hindi Core
2~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- हिंदी
Chemistry
2~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- Chemistry
Political Science
2~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- Political Science
Urdu Elective
2~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- اردو
- Urdu Elective
Hindustani Music (Vocal / Melodic)
2~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- हिंदुस्तानी संगीत
Home Science
2~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- Home Science
English Core
2~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- Hornbill
- Snapshots
Geography
3~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 3 books, one purchase- Geography
Sociology
2~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- Sociology
Economics
2~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- Economics
Physics
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
All 2 books, one purchase- Physics
Mathematics
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
TrendingRevise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Physics
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Physics
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Chemistry
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Chemistry
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Biology
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Business Studies
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Economics
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Economics
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
History
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Geography
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Geography
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Geography
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Political Science
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Political Science
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Sociology
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Sociology
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Psychology
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
English Core · Hornbill
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
English Core · Snapshots
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
English Elective · Woven Words
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
हिंदी (आधार)
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
हिंदी (आधार)
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
हिंदी (ऐच्छिक)
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
हिंदी (ऐच्छिक)
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
संस्कृतम् (केन्द्रिकम्)
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
संस्कृत (ऐच्छिक)
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
اردو (کور)
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
اردو (اختیاری)
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Urdu Elective
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Computer Science
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Informatics Practices
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
TrendingRevise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Home Science
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Home Science
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Fine Art · Painting
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Biotechnology
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Knowledge Traditions
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
सृजनात्मक लेखन और अनुवाद
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
Health and Physical Education
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
हिंदुस्तानी संगीत (गायन / वादन)
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
हिंदुस्तानी संगीत (गायन / वादन)
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
हिंदुस्तानी संगीत (तबला / पखावज)
~140days leftAnnual exams · school dates varyFeb–Mar 2027 · school-specific · tentative
Revise all of it in about an hour- Space weighted by unit marks
- Charts from the book's own data
- Traps corrected
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.
Extra questions & answers
Try one from this chapter
GAAP stands for: