Class 11 Accountancy - Chapter Theory Base of Accounting NCERT Solutions | Complete the following work sheet: (i)

Discuss the concept-based on the premise do not anticipate profits but provide for all losses.

When should revenue be recognised? Are there exceptions to the general rule?

Fill in the correct word:
1. Recognition of expenses in the same period as associated revenues is called _______________concept.
2. The accounting concept that refers to the tendency of accountants to resolve uncertainty and doubt in favour of understating assets and revenues and overstating liabilities and expenses is known as _______________.
3. Revenue is generally recognised at the point of sale denotes the concept of _______________.
4. The _______________concept requires that the same accounting method should be used from one accounting period to the next.
5. The_______________concept requires that accounting transactions should be free from the bias of accountants and others.

The accounting concepts and accounting standards are generally referred to as the essence of financial accounting. Comment.

Why is it necessary for accountants to assume that business entity will remain a going concern?

What is the money measurement concept? Which one factor can make it difficult to compare the monetary values of one year with the monetary values of another year?

Why is it important to adopt a consistent basis for the preparation of financial statements? Explain.

What is matching concept? Why should a business concern follow this concept? Discuss?

The realisation concept determines when goods sent on credit to customers are to be included in the sales figure for the purpose of computing the profit or loss for the accounting period. Which of the following tends to be used in practice to determine when to include a transaction in the sales figure for the period. When the goods have been:
a. dispatched
b. invoiced
c. delivered
d. paid for Give reasons for your answer.

What is the basic accounting equation?

Name any two types of commonly used negotiable instruments.

Why is it necessary to record the adjusting entries in the preparation of final accounts?

State the meaning of incomplete records?

What is ‘Depreciation’?

Briefly state how the cash book is both journal and a ledger.

State the meaning of a trial balance?

State the four basic requirements of a database applications.

Define accounting.

State the different elements of a computer system.

State the need for the preparation of bank reconciliation statement?

State the nature of accounting information required by long-term lenders.

Define accounting.

Explain the need for drawing up the special purpose books.

Define accounting and state its objectives.

What kinds of errors would cause differences in the trial balance. Also list examples that would not be revealed by a trial balance?

List any five users who have indirect interest in accounting.

Giving examples, explain each of the following accounting terms:
* Fixed assets              * Revenue              * Expenses
* Gain                           * Profit                    * Capital
* Short-term liabilities

State the different elements of a computer system.

What is contra entry? How can you deal this entry while preparing double column cash book?