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Title: Accountancy Class 11th Chapter 2 Notes pdf
Description: Accountancy Class 11th Chapter 2 Notes. Here Available Accountancy Class11th Notes. And All Chapter Notes Available.
Description: Accountancy Class 11th Chapter 2 Notes. Here Available Accountancy Class11th Notes. And All Chapter Notes Available.
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Accountancy Notes Chapter-2 Theory Base Of Accounting
This chapter talks about some of the important basic concepts of Accountancy
...
Students are advised to
refer to the CBSE revision notes provided by Extramarks to comprehend the chapter
with thorough explanations
...
The revision notes serve as reliable
study material for the students
...
They act as a complete study tool and explain
the fundamentals of the chapter clearly
...
Such a declaration must be written in standard language and adhere to norms
and regulations
...
Features of Accounting Principles:
● Accounting principles are man-made
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● Accounting concepts are flexible in nature
...
Accounting Principles Types
● Concept of continuing concern: According to this notion, it is considered that the
business will continue to operate for a long time in the future, and transactions
are recorded in the books of business based on this assumption
...
It allows them to compare and contrast
profit and loss over time and develop relevant conclusions
...
Compared to a cash basis, it delivers more accurate information about
the business
...
Concept of monetary measurement: Only those transactions that can be stated in
monetary terms are recorded according to accounting norms
...
The two-sided idea: It is the foundation for the double-entry accounting system,
which means that all accounts have two sides: debit and credit
...
The idea of price: According to this idea, the asset has usually documented the
price paid or incurred to acquire it
...
A 12-month accounting
term is common
...
Realization concept or revenue recognition: According to this principle, revenue
should only be accounted for when it is realized or when it is sure that it will be
achieved
...
Accounting Conventions
It is a custom or widely accepted practice among accountants, either by broad
agreement or common consent
...
● Materiality Convention: It necessitates the disclosure of significant facts whose
omission might impact decisions
...
● Conservative Convention: The core of this idea is to “expect no profit and plan for
all conceivable losses
Title: Accountancy Class 11th Chapter 2 Notes pdf
Description: Accountancy Class 11th Chapter 2 Notes. Here Available Accountancy Class11th Notes. And All Chapter Notes Available.
Description: Accountancy Class 11th Chapter 2 Notes. Here Available Accountancy Class11th Notes. And All Chapter Notes Available.