Conceptual Framework of Accounting Three Marks Questions

11th Standard

    Reg.No. :
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Accountancy

Time : 01:00:00 Hrs
Total Marks : 30
    10 x 3 = 30
  1. What is matching concept? Why should a business concern follow this concept?

  2. "Only monetary transactions are recorded in accounting". Explain the statement.

  3. "Business units last indefinitely". Mention and explain the concept on which the statement is based.

  4. Write a brief note on Accounting Standards.

  5. What do you mean by IFRS?

  6. What are the objectives of book-keeping?

  7. Which value is reflected in the Accounting standards issued by ICAI?

  8. How does matching principle apply to depreciation?

  9. What are advantages of book-keeping?

  10. Briefly explain the relationship among accounting, accountancy and book-keeping.

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