Goyal Brothers Prakashan solutions for Commercial Applications [English] Class 10 ICSE chapter 5 - Generally Accepted Accounting Principles (GAAP) [Latest edition]

Book keeping is a part of accounting, therefore its scope is ______ where as scope of accounting is ______.

______ is the art and science of recording transactions while ______ is the art and science of recording, classifying and summarising transactions.

The purposes of financial recording is ______.

Which of these is not a purpose of financial recordings?

The accounting cycle consists of ______.

It is the first stage of maintaining accounts and provides no conclusions.

It is the second stage and provides conclusions.

It refers to a complete sequence of accounting activities.

The first step in accounting cycle is ______.

Accounting cycle ends with the ______.

GAAP stands for ______.

Accounting principles are necessary due to which of the following reasons?

______ is the language of business.

According to this concept, a business firm is treated as a unit separate and distinct from its owners.

On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.

This concept assumes that the business will continue to exist for a long time in the future.

It is due to this concept that financial statements are prepared at regular intervals, generally one year.

This principle suggests that every debit has a corresponding and equal credit.

According to this principle, accounts should be prepared in such a way that all the material information required by users of financial statements is clearly disclosed.

According to this principle, cost of a particular period should be charged from the revenue of same period only.

According to this principle, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.

This principle states that accounting procedures and methods should remain consistent from one year to another.

According to this principle, record all anticipated losses but ignore all anticipated gains. Industry practice.

This principle states that the financial statements should be prepared quickly at the end of the accounting period.

This principle is an exception to the principle of full disclosure.

According to Business Entity Concept:

Give two differences between book-keeping and accounting.

What is accounting cycle?

What is business entity concept of accounting?

"Firms live forever." Explain with reference to the concept of accounting.

Closing stock is always valued at market price. Justify for or against by citing two reasons.

What is meant by going concern concept of Accounting.

Explain the principle of materiality.

Name the basic principles of accounting.

Every transaction has four effects on accounting records. Give two reasons either for or against.

State four stages of Accounting cycle.

Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.

With reference to the concept of accounting only those transactions are recorded in accounts which can be expressed in terms of money. Justify either for or against.

Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.

The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.

What does GAAP stand for in Accounting?

Explain 'Matching Concept' of GAAP.

Explain the principle of Timeliness.

Discuss in brief the basic principles of accounting.

"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.

"Principle of consistency is a modifying principle." Comment.

"Fixed assets should be valued at the market price." Comment.

Give two differences between book-keeping and accounting.

"Every transaction affects at least three accounts." Comment.

"Accounting records serve as a source of information to the creditors of an organisation". Comment.

Name and explain the accounting convention which says record all anticipated losses but ignore all anticipated gains.

Explain the money measurement principle of accounting.

Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.

Explain any two basic concepts of accounting.

Explain matching principle of accounting.

Explain the Principle of Prudence.

Explain the Money Measurement Concept.

Explain The Dual Aspect Principle.

What is meant by going concern concept of Accounting.

Explain Accounting Period Concept.

Explain matching principle of accounting.

What is business entity concept of accounting?

Write short note on Going Concern Concept.

Explain the money measurement principle of accounting.

Explain The Dual Aspect Principle.

What is business entity concept of accounting?

Explain The Dual Aspect Principle.

Define the term Book-keeping.

What is accounting?

Give two differences between book-keeping and accounting.

What is accounting cycle?

Explain the purpose of financial recording.

Give two differences between book-keeping and accounting.

Explain the accounting cycle.

Define the term GAAP.

Why are Generally Accepted Accounting Principles (GAAP) needed?

What is business entity concept of accounting?

Explain the Money Measurement Concept.

What is meant by going concern concept of Accounting.

Explain Accounting Period Concept.

Explain The Dual Aspect Principle.

Explain matching principle of accounting.

Explain the complete disclosure principle.

Explain the revenue principle.

Explain the expense principle.

Explain the realisation principle.

"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.

"Fixed assets should be valued at the market price." Comment.

"Every transaction affects at least three accounts." Comment.

"Accounting records serve as a source of information to the creditors of an organisation". Comment.

Explain the principle of materiality.

Explain the principle of consistency.

Explain the Principle of Prudence.

Explain the principle of Timeliness.

Explain the principle of industry practice.

"Principle of consistency is a modifying principle." Comment.

"Firms live forever." Explain with reference to the concept of accounting.

Every transaction has four effects on accounting records. Give two reasons either for or against.

Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.

Closing stock is always valued at market price. Justify for or against by citing two reasons.

What does GAAP stand for in Accounting?

Name any four concepts of GAAP.

Discuss in brief the basic principles of accounting.

Explain the accounting conventions.

"The principle of full disclosure and principle of materiality are contradictory." Comment.