Important Questions with Answers for CBSE Class 11 Accountancy Chapter 2 Theory Base of Accounting which is outlined by expert Accountancy teachers from the latest version of CBSE (NCERT) books.
CBSE Class 11 Accountancy Chapter -2 Important Questions
How is the total amount of Capital calculated?
Answer: Capital = Assets – Liabilities
How is the total amount of Liabilities calculated?
Answer: Liabilities = Assets – Capital
Give 2 examples of Capital receipts.
- The amount received by way of loans
- The amount received from the sale of fixed assets or investments
Mention different types of liabilities.
- Current liabilities
- Non-current liabilities
- Contingent Liabilities
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What are the drawings?
Answer: Drawings refer to any value of commodities or cash withdrawn by the owner for personal use.
Give 2 examples of Tangible assets.
- Land and Building
The amount which the proprietor has invested in a business is known as,
A Ltd. imported from London one machinery for sale in India and other machinery for production purpose. Will you treat them as goods or fixed assets?
Answer: First machinery will be treated as goods and the second machinery will be treated as Fixed Asset.
What is income?
Answer: Excess of revenue over expenses is called as Income.
Income = Revenue – Expenses
What is the nature of accounting principles?
Answer: Nature of accounting principles are,
- Accounting principles are a uniform set of rules that are developed to assure the uniformity and easy comprehension of the accounting information
- Accounting principles are man made and are derived from experience and reason
- Accounting principles are not static
What are the different bases of accounting?
Answer: Different bases of accounting are,
- Cash basis
- Accrual basis