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  • Worksheet 1 Answers

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    Sunita Shrivastava
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    This document contains the answers to various in-text questions from Accounting Concepts lessons. The questions cover topics like the basic rules and concepts of accounting, the accounting equation, accounting periods, historical cost principle, and revenue and expense recognition. The document concludes with an activity asking the reader to list different accounting periods used in India.

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    This document contains the answers to various in-text questions from Accounting Concepts lessons. The questions cover topics like the basic rules and concepts of accounting, the accounting equation, accounting periods, historical cost principle, and revenue and expense recognition. The document concludes with an activity asking the reader to list different accounting periods used in India.

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    48 views3 pages

    Worksheet 1 Answers

    Uploaded by

    Sunita Shrivastava
    This document contains the answers to various in-text questions from Accounting Concepts lessons. The questions cover topics like the basic rules and concepts of accounting, the accounting equation, accounting periods, historical cost principle, and revenue and expense recognition. The document concludes with an activity asking the reader to list different accounting periods used in India.

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    © All Rights Reserved
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    of 3

    ANSWERS TO INTEXT QUESTIONS

    Intext Questions 2.1


    (i) rules (ii) uniformity and consistency
    (iii) Business entity concept (iv) drawings

    Intext Question 2.2


    (i) × (ii)  (iii)  (iv)  (v) ×

    Intext Question 2.3


    (i) for an indefinite time period (ii) cost price
    (iii) going concern concept (iv) financial statements
    (v) Going concern

    Intext Question 2.4


    (i) accounting period (ii) one year
    (iii) particular (iv) calender year
    (v) financial year
    MODULE - 1 Accounting Concepts
    Basic Accounting
    Intext Question 2.5
    (i) purchase (ii) supporting
    (iii) true net worth (iv) historical cost

    Intext Question 2.6


    Notes
    (i) Owner’s capital, cash (ii) Goods received, cash
    (iii) Cash received, goods sold (iv) Furniture, cash
    (v) Cash, Sharma (vi) Machine, Rama
    (vii) Ram, cash (viii) Salaries, cash
    (ix) Rent, cash (x) Cash, rent

    Intext Question 2.7


    (i) Rs.10,00,000 (ii) Rs.10,00000
    (iii) Rs.20,00000 (iv) Rs.1,00,000

    Intext Question 2.8


    (i) income (ii) 31st March, 2006 (iii) realised, due

    Intext Question 2.9


    (i) revenue (ii) revenue
    (iii) expense (iv) revenue, expenses
    (v) matching (vi) matching

    Activity

    In our country business concerns are not following the same accounting
    period every year. Enquire from various sources and list various such
    periods prevailing in our country. One for example is given
    1. Year ending 31st March (financial year)
    2. ................................................................................................................
    3. ................................................................................................................
    4. ................................................................................................................
    5. ................................................................................................................

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