Practice Introduction to Accounting Concepts - 6.1 | 6. Accounting Concepts | ICSE Class 11 Accountancy
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6.1 - Introduction to Accounting Concepts

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What does the Business Entity Concept state?

💡 Hint: Think about how transactions are treated for owners and businesses.

Question 2

Easy

Give an example of a transaction not recorded due to the Money Measurement Concept.

💡 Hint: Consider the differences between monetary and non-monetary aspects.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the primary purpose of accounting concepts?

  • To lessen tax liabilities
  • To guide financial statement preparation
  • To simplify bookkeeping

💡 Hint: Think about what principles support the integrity of financial statements.

Question 2

The Dual Aspect Concept is critical because it:

  • True
  • False

💡 Hint: Recall the basic definition of duality in accounting.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

You have a business that retains unsold inventory valued at ₹10,000 this year. However, due to a market downturn, next year it’s appraised at ₹7,000. Discuss how the Cost Concept applies when reporting next year’s statements.

💡 Hint: Consider how the Cost Concept prioritizes historical valuation.

Question 2

A business recognizes revenue of ₹25,000 in March for a service performed, but the payment isn't due until April. Under the Accrual Concept, how is this revenue reported?

💡 Hint: Think about when actual services are delivered versus when payments are received.

Challenge and get performance evaluation