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BYJU'S CERTSolutionsforClass11AccountancyChapter2-
ITheLearningApp TheoryBaseofAccounting
ShortAnswersforClass11AccountancyChapter2-TheoryBaseofAccounting
1.Whyisitnecessaryforaccountantstoassumethatabusinessentitywillremaina
goingconcern?
Itisnecessaryforaccountantstoconsiderthatabusinessentitywillremainagoingconcern,
asanassetwillbecalculatedfortheprofititearns,alongwiththedepreciationitischarged,
bothofwhicharenotrestrictedonlyforoneaccountingperiod.Hence,itindicatescontinuityin
business.
2.Whenshouldrevenueberecognised?Arethereexceptionstothegeneralrule?
Revenueisrecognisediftherighttoreceiveincomeisestablished.Itcanalsobesaidtohave
beenestablishedwhenasaletakesplaceincashorincredit.
Thefollowingexceptionscanbeseen:
1.Goodsthataresoldonhirepurchase,theamountthuscollectedininstalmentswillbe
accountedasrevenuerealised.
2.Projectsrelatedtotheconstructionofbuildings,etc.,areprojectsoflongduration;revenue
isrealisedperiodicallythatisinproportiontothepartofworkwhichiscompleted.
3.Whatisthebasicaccountingequation?
Theassetsofabusinessareequaltotheclaimsofitsownersandcreditors,asperthebasic
accountingequation.LiabilitiesareknownasCreditor'sEquity,andCapitalisknownas
Owner'sEquity.Itisrepresentedas
Assets=Capital+Liabilities
4.Therealisationconceptdetermineswhengoodssentoncredittocustomersaretobe
includedinthesalesfigureforthepurposeofcomputingtheprofitorlossforthe
accountingperiod.Whichofthefollowingtrendsistobeusedinpracticetodetermine
whentoincludeatransactioninthesalesfigurefortheperiod?Whenthegoodshave
been:
a.dispatchedb.invoiced
https://byjus.com
a. dispatched b. invoiced
A 1. conservatism
n 2. business entity
s
3. dual aspect
w
4. consistency
e
r: 5. conservatism
6. revenue recognition
7. measurement
Cost concept
Matching concept
Consistency concept
Conservatism concept
Materiality concept
Objectivity concept
Conclusion
NCERT Solutions for Class 11 Accountancy Chapter
2 provide a wide degree of illustrative examples
which assist the students in comprehending and
learning quickly. The above-mentioned are the
topics in the Class 11 CBSE syllabus. For more
solutions and study materials of NCERT Solutions
for Class 11 Accountancy, visit BYJU’S or download
the app.
Chapter 12 Applications Of
Computers In Accounting
Chapter 13 Computerised
Accounting System
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