Chapter 2: Theory Base of Accounting

Chapter 2: Theory Base of Accounting – Important Topics:

Generally Accepted Accounting Principles (GAAP) – Meaning & Importance
Basic Accounting Concepts (13 Concepts – Full Explanation with Examples)
Systems of Accounting: Double Entry vs Single Entry
Basis of Accounting: Cash Basis vs Accrual Basis
Accounting Standards – Ind-AS, IFRS, Applicability
Goods and Services Tax (GST) – Features, Components, Advantages
Previous Year Exam Questions with Answers

1. Generally Accepted Accounting Principles (GAAP)

Simple Explanation: GAAP are the common set of accounting rules, standards, and procedures that companies use to compile their financial statements. Think of them as the grammar of accounting – without them, financial statements would be like sentences without rules, making communication impossible.

📘 Definition (AICPA): "A general law or rule adopted or professed as a guide to action, a settled ground or basis of conduct or practice." GAAP refers to the rules and guidelines adopted for recording and reporting business transactions to bring uniformity in financial statements.

💡 Live Example – 1: When all companies follow GAAP, investors can easily compare the financial statements of different companies and decide where to invest.
💡 Live Example – 2: Banks rely on GAAP-compliant financial statements when approving business loans – it gives them confidence that the numbers are prepared consistently.

💭 Think: A small business owner wants to present his financial records differently each year to minimize tax liability. Which GAAP principle does this violate?
Simple Hints: This violates the Consistency principle – accounting methods should be applied uniformly from one period to the next to allow meaningful comparisons.

📝 Exam Practice (2 marks): What is GAAP? Why is it necessary?
Answer Structure: Definition (1 mark) + Importance – uniformity, comparability, reliability (1 mark).
Hint: GAAP ensures that financial statements are prepared on a consistent basis, making inter-firm and inter-period comparisons possible.

2. Basic Accounting Concepts – Complete Guide

Simple Explanation: These are the fundamental assumptions and ideas that form the foundation of financial accounting. They are like the rules of a game – everyone must follow them for the game to be fair and understandable.

2.1 Business Entity Concept

📘 Definition: This concept assumes that business has a distinct and separate entity from its owners. For accounting purposes, the business and its owners are treated as two separate parties.

Simple Explanation: The business is like a separate person. Even if you own a shop, your personal money is not the shop's money. The shop owes you what you invested.

💡 Example 1: Money contributed by the owner to the business is treated as 'Capital' – a liability of the business to the owner.
💡 Example 2: Withdrawal of money by the proprietor for his personal use is treated as 'Drawings' – reduction of capital.

💭 Think: If the owner uses his personal car for business travel, should the business record this?
Hints: Yes, if business funds are used to pay for fuel or if the owner is reimbursed. The personal asset itself is not recorded because it belongs to the owner, not the business.

📝 Exam Practice (2 marks): Explain Business Entity Concept with an example. (2021 IMP, 2 marks)
Answer: Business Entity Concept states that the business and its owner are separate entities. For example, capital introduced by the owner is treated as a liability of the business. Personal transactions of the owner are not recorded in the books of the business.

2.2 Money Measurement Concept

📘 Definition: Only those transactions and happenings that can be expressed in terms of money are recorded in the books of accounts. Non-monetary events (like appointment of a manager, efficiency of staff) are not recorded.

Simple Explanation: Accounting only speaks the language of money. If you can't put a rupee value on it, it doesn't appear in the books.

💡 Example: A company buys machinery for ₹5 lakh – recorded. The same company has a very talented CEO – not recorded because we can't measure her talent in rupees objectively.

💭 Think: A firm has a great reputation and loyal customers. Why is this not shown as an asset?
Hints: Because reputation and loyalty cannot be measured in monetary terms reliably and objectively (unless a transaction like acquisition of business takes place – then goodwill is recorded).

2.3 Going Concern Concept

📘 Definition: The business firm will continue to carry out its operations indefinitely (for a fairly long period) and will not be liquidated in the foreseeable future.

Simple Explanation: We assume the business will not close down tomorrow. This justifies spreading the cost of assets over their useful life (depreciation) instead of charging the full cost in the year of purchase.

💡 Example: A computer costing ₹50,000 with life of 5 years – we charge ₹10,000 depreciation each year, not ₹50,000 in the first year. This assumes the business will continue for 5 years.

2.4 Accounting Period Concept

📘 Definition: The span of time at the end of which financial statements are prepared to know profit/loss and financial position. Usually one year.

Simple Explanation: We cannot wait until the business ends to know how much profit we made. So we divide the life of business into artificial periods (usually a year) and calculate profit for each period.

2.5 Cost Concept (Historical Cost)

📘 Definition: Assets are recorded in the books at the price paid to acquire them (historical cost), not at their current market value.

Simple Explanation: You buy land for ₹10 lakh – it stays at ₹10 lakh in books even if its market value shoots up to ₹50 lakh. Why? Because historical cost is objective and verifiable.

💭 Think: A company purchased land for ₹10 lakh in 2010. Its current market value is ₹50 lakh. At what value should it appear in the Balance Sheet?
Hints: According to Cost Concept, it will appear at ₹10 lakh. The gain of ₹40 lakh is unrealised and not recorded until the land is sold.

2.6 Dual Aspect Concept

📘 Definition: Every transaction has two aspects – a debit and a credit. This is the foundation of double entry bookkeeping. The accounting equation is: Assets = Liabilities + Capital.

Simple Explanation: When you receive something, you must give something in return. If the business gets an asset, it either pays cash (reduces another asset) or creates a liability (owes money) or increases capital (owner's claim).

💡 Example: Business started with cash ₹5,00,000 – this increases assets (cash) and increases capital (owner's equity).

2.7 Revenue Recognition (Realisation) Concept

📘 Definition: Revenue is considered realised when a legal right to receive it arises – when goods are sold or services are rendered, not when cash is received.

Simple Explanation: You sell goods on credit today – you record revenue today, not when the customer pays next month. The right to receive money has been created.

2.8 Matching Concept

📘 Definition: Expenses incurred in an accounting period should be matched with the revenues earned during that period.

Simple Explanation: To find profit correctly, we must compare apples with apples – revenues of a period with the expenses that helped earn those revenues, both belonging to the same period.

💡 Example: Salary paid in April for March's work – this salary expense belongs to March, not April. So it is recorded in March's accounts.

2.9 Full Disclosure Concept

📘 Definition: All material and relevant facts concerning financial performance must be fully and completely disclosed in financial statements and accompanying notes.

Simple Explanation: Hide nothing that could influence a decision-maker. If it's important, show it – either in the main statements or in footnotes.

2.10 Consistency Concept

📘 Definition: Accounting policies and practices should be uniform and consistent over the period of time.

Simple Explanation: Once you choose a method (e.g., straight line depreciation), stick to it year after year. Don't keep changing methods – otherwise, profit figures become incomparable.

💭 Think: A company changes its method of valuing inventory from FIFO to LIFO this year. Which concept is affected?
Hints: Consistency. However, if the change is justified and disclosed with its effect, it is allowed. Full disclosure requires explaining the change.

2.11 Conservatism (Prudence) Concept

📘 Definition: "Do not anticipate profits but provide for all losses." Record all possible losses, even if remote; record profits only when realised.

Simple Explanation: Accountants are pessimists. If there's a doubt, choose the option that shows lower profit and lower assets.

💡 Examples: Valuation of stock at cost or market value whichever is lower; creating provision for doubtful debts; writing off intangible assets.

2.12 Materiality Concept

📘 Definition: Accounting should focus on material facts. Insignificant and immaterial facts need not be disclosed in detail; they can be merged or ignored.

Simple Explanation: Don't waste time on trivial items. An item is material if its knowledge would influence the decision of a user.

💡 Example: Purchase of a ₹100 stapler is not treated as an asset; it is directly expensed because it is immaterial and will be used within a year.

2.13 Objectivity (Verifiability) Concept

📘 Definition: Accounting transactions should be recorded in an objective manner, free from personal bias. Each transaction must be supported by verifiable documents or vouchers.

Simple Explanation: Don't guess. Show proof. If it cannot be verified by an independent auditor, don't record it.

💡 Example: Purchase of machinery is supported by invoice and payment receipt – verifiable. Valuation of goodwill on the other hand may involve subjectivity.

📝 Exam Practice (6 marks): Explain any five accounting concepts with suitable examples. (Very common question – prepare well!)
Answer Structure: Choose 5 concepts (e.g., Business Entity, Going Concern, Cost, Dual Aspect, Matching). For each: 1) Name, 2) Definition, 3) Simple explanation, 4) Example. Conclude with importance of concepts.
Hint: Use the examples provided above.

3. Systems of Accounting

3.1 Double Entry System

📘 Definition: A complete, accurate and reliable system of accounting based on the dual aspect concept – every transaction has two aspects (debit and credit) and both are recorded.

Simple Explanation: For every debit, there is a credit. Every transaction affects at least two accounts. This system is scientific and ensures arithmetical accuracy (through Trial Balance).

Principles of Double Entry:

Two aspects for every transaction: Debit and Credit.
Both aspects are recorded in the books.
For every debit, there must be a corresponding credit.

3.2 Single Entry System

📘 Definition: An incomplete system of accounting – it is a mixture of double entry, one entry, and no entry. Not a system but lack of system.

Simple Explanation: Only personal accounts and cash book are maintained. Not reliable, but simple and flexible – followed by small businesses.

📝 Exam Practice (3 marks): Differentiate between Double Entry and Single Entry System.
Answer Structure: Basis: Completeness, Accounts maintained, Accuracy, Reliability, Suitability. Make a table.

4. Basis of Accounting

4.1 Cash Basis

📘 Definition: Entries are made only when cash is received or paid, not when the receipt or payment becomes due.

Simple Explanation: Record only when money changes hands. No record of credit sales/purchases until cash moves.

💡 Example: Goods sold on credit in March, cash received in April – recorded in April under cash basis.

4.2 Accrual Basis

📘 Definition: Revenues and costs are recognised in the period in which they occur, not when cash is received or paid.

Simple Explanation: Record revenue when earned, expenses when incurred, regardless of cash movement. This is the scientific basis that matches revenues and expenses.

💡 Example: Credit sale in March – recorded in March itself under accrual basis.

💭 Think: A service company completes work in March but receives payment in April. Under which basis will this revenue appear in March's books?
Hints: Accrual basis – revenue recognised when earned, not when cash received. Cash basis would record in April.

📝 Exam Practice (2 marks): Distinguish between Cash Basis and Accrual Basis of Accounting.
Answer: Cash basis records transactions when cash is received/paid; accrual basis records when revenue is earned/expense incurred. Accrual basis is required by Companies Act and IFRS.

5. Accounting Standards

📘 Definition: Written policy documents covering the aspects of recognition, measurement, treatment, presentation and disclosure of accounting transactions in financial statements. Issued by ICAI.

Simple Explanation: Accounting Standards are like a rulebook that tells accountants how to treat specific items. They reduce diversity and enhance comparability.

💡 Example: Ind-AS 16 deals with Property, Plant and Equipment – how to record, depreciate, and disclose them.

5.1 International Financial Reporting Standards (IFRS)

📘 Definition: Accounting standards issued by the International Accounting Standards Board (IASB), intended to be applied globally for consistent financial reporting.

5.2 Indian Accounting Standards (Ind-AS)

📘 Definition: India's own version of IFRS, converged but with certain carve-outs. Formulated by the Accounting Standards Board (ASB) of ICAI.

5.3 Applicability of Accounting Standards

📘 Note: Applicable to all types of business organisations – sole proprietorship, partnership, HUF, cooperative societies, companies, etc. However, mandatory applicability varies (e.g., Ind-AS is mandatory for listed companies and certain large entities).

📝 Exam Practice (2 marks): What are Accounting Standards? State their objectives.
Answer: Accounting Standards are uniform rules for financial reporting. Objectives: 1) Bring uniformity in accounting policies, 2) Enhance comparability, 3) Improve reliability of financial statements.

6. Goods and Services Tax (GST) – One Nation, One Tax

📘 Definition: GST is a destination-based tax on consumption of goods and services. It is levied at every stage of supply chain, with credit of taxes paid at previous stages available as set-off (input tax credit).

Simple Explanation: GST replaced many indirect taxes (VAT, service tax, excise, etc.) with a single tax. It is collected at each stage but the final consumer bears the tax burden. The tax is paid to the state where goods are consumed (destination), not where they are produced (origin).

6.1 Components of GST

Component	Full Form	Applicability	Revenue Goes To
CGST	Central Goods and Services Tax	Intra-state (within same state)	Central Government
SGST	State Goods and Services Tax	Intra-state (within same state)	State Government
IGST	Integrated Goods and Services Tax	Inter-state (between states) & imports	Central Government (later apportioned to states)

💡 Example – Intra-state: Ramesh in Punjab sells goods to Seema in Punjab worth ₹10,000. GST rate 18% (9% CGST + 9% SGST). ₹900 goes to Central Government, ₹900 to Punjab Government.
💡 Example – Inter-state: Ramesh in Madhya Pradesh sells goods to Anand in Rajasthan worth ₹1,00,000. GST rate 18% – ₹18,000 is IGST, goes to Central Government.

6.2 Features of GST

GST is a comprehensive levy on goods and services at the same rate with input tax credit.
Destination-based consumption tax.
Four tax slabs: 5%, 12%, 18%, 28% (plus cess on some items).
Exports are zero-rated (no tax, input credit available).
Exemption limit: ₹40 lakh (₹20 lakh for special category states).
No cascading effect (tax on tax) – eliminated by input tax credit.

6.3 Advantages of GST

Abolition of multiple taxes (VAT, service tax, excise, luxury tax, entry tax, etc.).
Widens tax base and increases revenue for Centre and States.
Reduces compliance cost and increases voluntary compliance.
Removes cascading effect of taxes – reduces overall tax burden.
Enhances manufacturing and distribution efficiency.
Boosts exports through zero-rating and makes Indian goods competitive internationally.

6.4 Accounts in GST Accounting

Input CGST A/c – Tax paid on intra-state purchases (to be set off against Output CGST).
Input SGST A/c – Tax paid on intra-state purchases (set off against Output SGST).
Input IGST A/c – Tax paid on inter-state purchases/imports (set off against Output IGST, then CGST, then SGST).
Output CGST A/c – Tax collected on intra-state sales.
Output SGST A/c – Tax collected on intra-state sales.
Output IGST A/c – Tax collected on inter-state sales.

All GST payments and credits are managed through Electronic Cash Ledger and Electronic Credit Ledger on GST portal.

💭 Think: How does GST eliminate the cascading effect of taxes that existed in the previous tax system?
Simple Hints: Earlier, tax paid on inputs (e.g., excise) was not creditable against output tax (e.g., VAT), leading to tax on tax. Under GST, input tax credit is available seamlessly across the supply chain, so tax is only on value addition.

📝 Exam Practice (6 marks): Explain GST and its components. How does it benefit the Indian economy?
Answer Structure: 1) Definition of GST. 2) Components: CGST, SGST, IGST with examples. 3) Features (any four). 4) Advantages (any four). 5) Impact on economy: simplified tax structure, increased compliance, reduced costs, higher GDP growth. (8 marks expected in final exams)

📝 Exam Practice (2 marks): Distinguish between CGST, SGST and IGST.
Answer: CGST and SGST are levied on intra-state supplies (CGST to Centre, SGST to State). IGST is levied on inter-state supplies and imports, collected by Centre and apportioned to States.

📌 Previous Year Exam Questions (with Answers)

Q1. (2022 IMP – 1 Mark): Which accounting concept states that 'business is distinct from its owner'?
Answer: Business Entity Concept.

Q2. (2021 IMP – 1 Mark): The concept of 'anticipate no profit but provide for all losses' is called ________.
Answer: Conservatism / Prudence.

Q3. (2020 March – 1 Mark): Under which accounting concept assets are recorded at their purchase price?
Answer: Cost Concept (Historical Cost).

Q4. (2019 IMP – 2 Marks): What is the full form of GAAP? Explain in one sentence.
Answer: Generally Accepted Accounting Principles. They are the common set of accounting rules for preparing financial statements.

Q5. (2018 March – 2 Marks): Differentiate between cash basis and accrual basis of accounting.
Answer: Cash basis records revenue and expenses only when cash is received/paid. Accrual basis records when revenue is earned/expense incurred. Accrual basis is required for companies.

Q6. (2017 Say – 3 Marks): Explain any three basic accounting concepts.
Answer: (Any three: Business Entity, Going Concern, Cost Concept, Matching, etc. – with definitions and examples).

Q7. (2022 June – 3 Marks): What is GST? List its components.
Answer: GST is a destination-based tax on supply of goods and services. Components: CGST (Central), SGST (State) for intra-state, IGST (Integrated) for inter-state and imports.

Q8. (2021 March – 4 Marks): What are Accounting Standards? Discuss the role of Ind-AS in India.
Answer: Accounting Standards are uniform rules for accounting. Ind-AS are Indian versions of IFRS, converged with global standards, applicable to listed companies and large entities. They enhance comparability and transparency.

Q9. (2020 IMP – 4 Marks): Explain the concept of 'Matching' and 'Full Disclosure' with examples.
Answer: Matching: Match expenses of a period with revenues of same period (e.g., depreciation). Full Disclosure: Disclose all material information (e.g., contingent liabilities in footnotes).

Q10. (2019 March – 5 Marks): "Accounting concepts are the foundation of financial accounting." Comment.
Answer: Discuss importance of concepts: they ensure uniformity, consistency, comparability, reliability. Without concepts, financial statements would be subjective and misleading. Explain any 4-5 concepts.

മലയാളം വിഭാഗം

അധ്യായം 2: അക്കൗണ്ടിംഗിന്റെ സൈദ്ധാന്തിക അടിത്തറ – പ്രധാന പാഠഭാഗങ്ങൾ:

സാധാരണയായി അംഗീകരിച്ച അക്കൗണ്ടിംഗ് തത്വങ്ങൾ (GAAP)
അടിസ്ഥാന അക്കൗണ്ടിംഗ് സങ്കൽപങ്ങൾ (13 സങ്കൽപങ്ങൾ – പൂർണ്ണ വിവരണം)
അക്കൗണ്ടിംഗ് സംവിധാനങ്ങൾ: ഇരട്ട പ്രവേശനം, ഒറ്റ പ്രവേശനം
അക്കൗണ്ടിംഗിന്റെ അടിസ്ഥാനം: കാഷ് ബേസിസ്, അക്രൂവൽ ബേസിസ്
അക്കൗണ്ടിംഗ് മാനദണ്ഡങ്ങൾ – ഇൻഡ്-എഎസ്, IFRS, പ്രയോഗക്ഷമത
ചരക്ക് സേവന നികുതി (GST) – സവിശേഷതകൾ, ഘടകങ്ങൾ, പ്രയോജനങ്ങൾ

ലളിതമായ വിശദീകരണം: അക്കൗണ്ടിംഗ് സങ്കൽപങ്ങൾ എന്നത് സാമ്പത്തിക അക്കൗണ്ടിംഗിന്റെ അടിസ്ഥാന നിയമങ്ങളാണ്. എല്ലാ ബിസിനസുകളും ഒരേ രീതിയിൽ കണക്ക് എഴുതുന്നതിനും, അവ താരതമ്യം ചെയ്യുന്നതിനും ഈ നിയമങ്ങൾ സഹായിക്കുന്നു.

1. Generally Accepted Accounting Principles (GAAP) (സാധാരണയായി അംഗീകരിച്ച അക്കൗണ്ടിംഗ് തത്വങ്ങൾ)

സാമ്പത്തിക പ്രസ്താവനകൾ തയ്യാറാക്കുന്നതിലും അവതരിപ്പിക്കുന്നതിലും ഏകത കൊണ്ടുവരുന്നതിനായി ബിസിനസ് ഇടപാടുകൾ രേഖപ്പെടുത്തുന്നതിനും റിപ്പോർട്ടുചെയ്യുന്നതിനുമായി സ്വീകരിച്ച നിയമങ്ങളെയും മാർഗ്ഗനിർദ്ദേശങ്ങളെയും GAAP സൂചിപ്പിക്കുന്നു.

2. അടിസ്ഥാന അക്കൗണ്ടിംഗ് സങ്കൽപങ്ങൾ

📘 1. ബിസിനസ്/അക്കൗണ്ടിംഗ് എന്റിറ്റി സങ്കൽപം: വ്യാപാരസ്ഥാപനവും, വ്യാപാരിയും വ്യത്യസ്തരാണ്. ബിസിനസിലേക്ക് ഉടമ നൽകുന്ന പണം 'മൂലധനം' (ബാധ്യത), ഉടമ എടുക്കുന്ന പണം 'ഡ്രോയിംഗ്'.

📘 2. പണ മാപന സങ്കൽപം: പണമായി അളക്കാൻ കഴിയുന്ന ഇടപാടുകൾ മാത്രമേ രേഖപ്പെടുത്തൂ.

📘 3. തുടർച്ചയായ പ്രവർത്തന സങ്കൽപം (Going Concern): സ്ഥാപനം അനിശ്ചിതമായി തുടരും; ആസ്തികളുടെ തേയ്മാനം കണക്കാക്കാൻ ഈ സങ്കൽപം അടിസ്ഥാനം.

📘 4. അക്കൗണ്ടിംഗ് കാലയളവ് സങ്കൽപം: കൃത്യമായ ഇടവേളകളിൽ (സാധാരണ 1 വർഷം) ലാഭനഷ്ടവും സാമ്പത്തിക സ്ഥിതിയും കണക്കാക്കുന്നു.

📘 5. ചെലവ് സങ്കൽപം (Historical Cost): ആസ്തികൾ വാങ്ങിയ വിലയിലാണ് രേഖപ്പെടുത്തുക, കമ്പോള വിലയിലല്ല.

📘 6. ദ്വിമുഖ സങ്കൽപം (Dual Aspect): ഓരോ ഇടപാടിനും രണ്ട് വശങ്ങൾ – ഡെബിറ്റ്, ക്രെഡിറ്റ്. അക്കൗണ്ടിംഗ് സമവാക്യം: ആസ്തികൾ = ബാധ്യതകൾ + മൂലധനം.

📘 7. വരുമാനം തിരിച്ചറിയൽ സങ്കൽപം: വിൽപ്പന നടന്ന ഉടനെ വരുമാനം രേഖപ്പെടുത്തും, പണം ലഭിക്കുമ്പോഴല്ല.

📘 8. ചേർച്ച സങ്കൽപം (Matching): ഒരു കാലയളവിലെ ചെലവുകൾ ആ കാലയളവിലെ വരുമാനവുമായി ചേർത്ത് കാണിക്കുക.

📘 9. പൂർണ്ണ വെളിപ്പെടുത്തൽ സങ്കൽപം: എല്ലാ പ്രധാനപ്പെട്ട വിവരങ്ങളും സത്യസന്ധമായി വെളിപ്പെടുത്തുക.

📘 10. സ്ഥിരതാ സങ്കൽപം (Consistency): ഒരിക്കൽ സ്വീകരിച്ച അക്കൗണ്ടിംഗ് രീതികൾ തുടർന്നും പിന്തുടരുക.

📘 11. സൂക്ഷ്മതാ സങ്കൽപം (Conservatism/Prudence): "ലാഭം മുൻകൂട്ടി കാണിക്കരുത്, നഷ്ടത്തിന് വകയിരുത്തുക" – സംശയമുണ്ടെങ്കിൽ നഷ്ടം രേഖപ്പെടുത്തുക, ലാഭം ഉറപ്പായാൽ മാത്രം.

📘 12. പ്രാധാന്യ സങ്കൽപം (Materiality): നിസ്സാരകാര്യങ്ങൾ വിശദമായി കാണിക്കേണ്ടതില്ല.

📘 13. വസ്തുനിഷ്ഠതാ സങ്കൽപം (Objectivity): ഇടപാടുകൾ തെളിവുകളുടെ അടിസ്ഥാനത്തിൽ, നിഷ്പക്ഷമായി രേഖപ്പെടുത്തുക.

3. അക്കൗണ്ടിംഗ് സംവിധാനങ്ങൾ

ഇരട്ട പ്രവേശനം (Double Entry): ഓരോ ഇടപാടും ഡെബിറ്റ്, ക്രെഡിറ്റ് വശങ്ങളിൽ രേഖപ്പെടുത്തുന്ന സമ്പൂർണ്ണ സംവിധാനം.
ഒറ്റ പ്രവേശനം (Single Entry): അപൂർണ്ണമായ സംവിധാനം; വ്യക്തിഗത അക്കൗണ്ടുകളും പണപ്പുസ്തകവും മാത്രം. ചെറുകിട സ്ഥാപനങ്ങൾക്ക് എളുപ്പമുള്ള രീതി.

4. അക്കൗണ്ടിംഗിന്റെ അടിസ്ഥാനം

കാഷ് ബേസിസ്: പണം കിട്ടുമ്പോഴും കൊടുക്കുമ്പോഴും ഇടപാട് രേഖപ്പെടുത്തും.
അക്രൂവൽ ബേസിസ്: വരുമാനം നേടുമ്പോഴും ചെലവ് ഉണ്ടാകുമ്പോഴും രേഖപ്പെടുത്തും, പണമിടപാട് നടന്നില്ലെങ്കിലും.

5. അക്കൗണ്ടിംഗ് മാനദണ്ഡങ്ങൾ

അക്കൗണ്ടിംഗ് ഇടപാടുകളുടെ അംഗീകാരം, അളക്കൽ, ചികിത്സ, അവതരണം, വെളിപ്പെടുത്തൽ എന്നിവയെക്കുറിച്ചുള്ള നയരേഖകൾ. ഐസിഎഐ പുറപ്പെടുവിക്കുന്നു. ഇൻഡ്-എഎസ് IFRS-മായി സംയോജിപ്പിച്ച ഇന്ത്യൻ മാനദണ്ഡങ്ങൾ.

6. ചരക്ക് സേവന നികുതി (GST)

ചരക്കുകളുടെയും സേവനങ്ങളുടെയും ഉപഭോഗത്തിന്മേലുള്ള ലക്ഷ്യസ്ഥാന നികുതി. ഒന്നിലധികം പരോക്ഷ നികുതികൾ ഇതിൽ ലയിപ്പിച്ചു. മൂന്ന് ഘടകങ്ങൾ: സിജിഎസ്ടി (കേന്ദ്ര), എസ്ജിഎസ്ടി (സംസ്ഥാന), ഐജിഎസ്ടി (സംയോജിത).

ഉദാഹരണം: പഞ്ചാബിലെ രമേശ് പഞ്ചാബിലെ സീമയ്ക്ക് ₹10,000 ചരക്ക് വിറ്റാൽ, 18% GST (9% CGST + 9% SGST) – ₹900 കേന്ദ്രത്തിന്, ₹900 പഞ്ചാബ് സർക്കാരിനും.

📌 Important Exam Questions (മലയാളം)

GAAP എന്നാൽ എന്ത്? അതിന്റെ പ്രാധാന്യം വിശദീകരിക്കുക.
ഏതെങ്കിലും 5 അക്കൗണ്ടിംഗ് സങ്കൽപങ്ങൾ ഉദാഹരണങ്ങളോടെ വിശദീകരിക്കുക.
കാഷ് ബേസിസും അക്രൂവൽ ബേസിസും തമ്മിൽ വ്യത്യാസം എന്ത്?
GST എന്നാൽ എന്ത്? അതിന്റെ ഘടകങ്ങൾ എഴുതുക.
ഇൻഡ്-എഎസും IFRS-ഉം തമ്മിലുള്ള ബന്ധം വിശദീകരിക്കുക.

ഈ അധ്യായത്തിലെ സങ്കൽപങ്ങൾ ഉദാഹരണങ്ങളോടെ മനസ്സിലാക്കുക. പരീക്ഷയിൽ ഉദാഹരണങ്ങൾ സഹിതം ഉത്തരം എഴുതുന്നത് കൂടുതൽ മാർക്ക് നേടിത്തരും.

I hope the given Higher Secondary Plus One Accountancy Chapter Wise Quick Revision Notes based on CBSE NCERT syllabus will help you. If you have any query, drop a comment below.

Plus One Accountancy Notes Chapter 2 Theory Base of Accounting