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Chapters
▶ 2: Theory Base of Accounting
3: Recording of Transactions - I
4: Recording of Transactions - II
5: Bank Reconciliation Statement
6: Trial Balance and Rectification of Errors
7: Depreciation, Provisions and Reserves
8: Bill of Exchange
9: Financial Statements - I
10: Financial Statements - II
11: Accounts from Incomplete Records
12: Applications of Computers in Accounting
13: Computerised Accounting System
![NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 chapter 2 - Theory Base of Accounting - Shaalaa.com](/images/accountancy-financial-accounting-1-english-class-11_6:77076d0f0c55428e9084e26e14da9242.jpg "NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 chapter 2 - Theory Base of Accounting")
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Solutions for Chapter 2: Theory Base of Accounting
Below listed, you can find solutions for Chapter 2 of CBSE NCERT for Accountancy - Financial Accounting 1 [English] Class 11.
NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 2 Theory Base of Accounting Questions for practice [Page 43]
Short Answer
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:
a. dispatched
b. invoiced
c. delivered
d. paid for
Give reasons for your answer
Complete the following worksheet:
If a firm believes that some of its debtors may ‘default’, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ______ concept
Complete the following work sheet:
The fact that a business is separate and distinguishable from its owner is best exemplified by the ______ concept
Complete the following work sheet:
Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ______ concept
Complete the following work sheet:
The ______ concept states that if straight line method of depreciation is used in one year, then it should also be used in the next year
Complete the following work sheet:
A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the ______
Complete the following work sheet:
If a firm receives an order for goods, it would not be included in the sales figure owing to the ______
The management of a firm is remarkably incompetent, but the firms accountants can not take this into account while preparing book of accounts because of ______ concept
NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 2 Theory Base of Accounting Questions for practice [Page 44]
Long Answer
‘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
Discuss the concept-based on the premise ‘do not anticipate profits but provide for all losses’
What is matching concept? Why should a business concern follow this concept? Discuss
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?
Solutions for 2: Theory Base of Accounting
NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 chapter 2 - Theory Base of Accounting
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Concepts covered in Accountancy - Financial Accounting 1 [English] Class 11 chapter 2 Theory Base of Accounting are Generally Accepted Accounting Principles, Basic Accounting Concepts, Systems of Accounting, Basis of Accounting, Accounting Standards (AS), Goods and Services Tax (GST), Introduction of Theory Base of Accounting.
Using NCERT Accountancy - Financial Accounting 1 [English] Class 11 solutions Theory Base of Accounting exercise by students is an easy way to prepare for the exams, as they involve solutions arranged chapter-wise and also page-wise. The questions involved in NCERT Solutions are essential questions that can be asked in the final exam. Maximum CBSE Accountancy - Financial Accounting 1 [English] Class 11 students prefer NCERT Textbook Solutions to score more in exams.
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