Theory Base of Accounting
Class 11 · Accountancy · 23 Questions
During the life-time of an entity accounting produce financial statements in accordance with which basic accounting concept:
When information about two different enterprises have been prepared presented in a similar manner the information exhibits the characteristic of:
A concept that a business enterprise will not be sold or liquidated in the near future is known as:
The primary qualities that make accounting information useful for decision-making are:
Recognition of expenses in the same period as associated revenues is called _____ concept.
The accounting concept that refers to the tendency of accountants to resolve uncertainty and doubt in favor of understating assets and revenues and overstating liabilities and expenses is known as _____.
Revenue is generally recongnised at the point of sale denotes the concept of _____.
The _____ concept requires that the same accounting method should be used from one accounting period to the next.
The _____ concept requires that accounting transaction should be free from the bias of accountants and others.
State how the GST rates will be applicable if CGST is 9%, SGST is 9% and IGST 18% in each of the following situations: Goods worth ₹ 10,000 is sold by a Manufacturer 1 in Maharashtra to a Dealer A in Maharastra.
State how the GST rates will be applicable if CGST is 9%, SGST is 9% and IGST 18% in each of the following situations: Dealer A sell goods worth ₹ 25,000 to Dealer B in Gujarat.
State how the GST rates will be applicable if CGST is 9%, SGST is 9% and IGST 18% in each of the following situations: Dealer B sell goods to Sunita in Gujarat worth ₹ 30,000.
State how the GST rates will be applicable if CGST is 9%, SGST is 9% and IGST 18% in each of the following situations: Sunita sell goods to Ravindra in Rajasthan worth ₹ 65,000.
Why is it necessary for accountants to assume that business entity will remain a going concern?
When should revenue be recognised? Are there exceptions to the general rule?
What is the basic accounting equation?
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: dispatched, invoiced, delivered, paid for. Give reasons for your answer.
Complete the following worksheet:
'The accounting concepts and accounting standards are generally referred to as the essence of financial accounting'. Comment.
Why is it important to adopt a consistent basis for the preparation of financial statements? Explain.