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Class 11 Theory Base of Accounting worksheet
CBSE Accountancy. GAAP and the basic accounting concepts, cash and accrual basis, accounting standards and GST (CGST, SGST and IGST). Every sheet has 20 questions in three sections and an answer key, and the numbers change every time.
Sample questions
Real questions from this chapter, as the app sets them. Tap Answer to see the answer and working.
Section A · multiple choice
- 1.
The concept that treats the business as separate from its owner is the:
- money measurement concept
- dual aspect concept
- going concern concept
- business entity concept
Answer
(d) business entity concept
- 2.
Entries are made only on the basis of bills, receipts and other evidence. This follows the:
- objectivity concept
- accounting period concept
- consistency concept
- conservatism concept
Answer
(a) objectivity concept
- 3.
The full disclosure concept means that:
- losses are provided for but expected profits are not recorded
- the life of the business is divided into periods
- expenses are set against the revenues of the same period
- all material information is shown in the statements or their notes
Answer
(d) all material information is shown in the statements or their notes
Section B · short answer
- 4.
What are Generally Accepted Accounting Principles (GAAP)?
Answer
Rules and guidelines adopted for recording and reporting business transactions so that accounts are uniform and comparable.
- 5.
Explain each concept: (a) conservatism concept (b) consistency concept
Answer
(a) losses are provided for but expected profits are not recorded (b) the same methods are followed year after year
Section C · long answer
- 6.
Explain the going concern concept and why it matters.
Answer
The business is assumed to continue for a long time, so fixed assets are shown at cost less depreciation rather than at what they would fetch if sold today, and prepaid expenses are carried forward.
Fresh sheets for your child
In the app, every Theory Base of Accounting sheet is new: the app remembers the questions your child has already had and leaves them out. Print the sheet as a PDF, or use notebook mode and write the answers in a notebook.
Coming soon for Android and iPhone.