Scribd
Upload
9 views3 pages

11 Acc CH 2 Theory Basis of Accounting

11Acc

Uploaded by

Shashwat Kaptan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
9 views3 pages

11 Acc CH 2 Theory Basis of Accounting

11Acc

Uploaded by

Shashwat Kaptan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

Cygnus World School

Worksheet

Subject : Accountancy Grade : 11

Chapter – 2 Theory Basis of Accounting

1. A concept that a business enterprise will not be sold or liquidated in the near future is
known as:
a. Going concern
b. Business Entity
c. Money measurement
d. None of these

2. According to which of the following concept, in determining the net income from
business, all costs which are applicable to the revenue of the period should be charged
against that revenue?
a. Matching concept
b. Money measurement concept
c. Cost concept
d. Dual aspect concept

3. Write short note on Generally Accepted Accounting Principles (GAAP).

4. Explain the following accounting principles in brief.


a. Business entity concept
b. Money measurement concept
c. Cost concept
d. Objectivity concept
e. Conservatism concept
f. Accounting period concept

5. GST is ________________ type of tsx. (Direct/Indirect)

6. In case of inter state transactions, which type of GST is levied?


a. CGST only
b. SGST only
c. IGST only
d. CGST and SGST both

7. In case of intra state transactions, which type of GST is levied?


e. CGST only
f. SGST only
g. IGST only
h. CGST and SGST both
8. Identify the accounting principle applied in each of the following cases.
1 Anticipate no profit and provide for all possible losses.
2 Provision for doubtful debt creation.
3 Capital is treated as liability of the business
4 Method of charging depreciation should not be changed year after
year
5 Policy of playing safe
6 Increase / Decrease in the market value of an asset is not
accounted
7 A business owns very efficient staff, it cannot be accounted
8 There must be a source document for every transaction
9 Rent outstanding is added to Rent A/c
10 Stock of stationery items are not treated as asset, but it is an
expense
11 Businessman and the firm are separate entities
12 For every debit there is a corresponding credit
13 Transactions which are measurable in terms of money only be
recorded
15 Stock is valued at cost price or market price (net realizable value)
whichever is lower
16 Provision should be given for all possible losses
17 100 Kg rice @ Rs.20 purchased by a grocery shop, recorded it as
Rs.2000
18 Transaction between owner and business are recorded separately
19 Charging depreciation on fixed assets every year till the end of its
life.
20 Depreciation of fixed debited in P/L Acccount
21 Depreciation deducted from concerned asset in the Balance Sheet
every year
22 Profit and Loss account and Balance sheet is prepared at the end
of every year.
23 A machinery purchased for Rs.5000, transportation charges
Rs.1000 and installation cost Rs.2000. The amount of transaction
recorded is Rs.8000
24 Every transaction has two aspects
25 In case of a contract work the profit is calculated on the basis of
work certified for each year.
26 Revenue is earned or recognized at the point of sale
27 Sales is recorded when the title of goods passes from the seller to
the buyer (cash or credit).
28 In case of hire purchase system, sales are assumed to the extent
of installments due, whether paid or not. Revenue Recognition
29 Profit = Revenue – Expenses
30 Accounting statements should contain all relevant material
information and their accompanying footnotes
31 Assets = Liabilities + Capital
32 Total Debits = Total Credits
33 Sales revenue is recorded when goods are delivered to the
customers

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy