Chapter 2 · Theoretical Framework
Theory Base of Accounting
लेखांकन के सैद्धांतिक आधार
GAAP and the basic accounting concepts (entity, going concern, matching, conservatism and more), systems and basis of accounting, accounting standards and GST basics.
🎯 Unit 1: Theoretical Framework — 12 marks (Ch 1 + Ch 2)
Dost Sir: Why is land bought for ₹10 lakh still shown at ₹10 lakh? The answer is in these concepts. Read the lessons from top to bottom, in this order. At the end of each lesson press “Lesson complete” so your progress is saved.
Lessons
- 1 GAAP and the first six accounting concepts Explain why accounting needs common rules (GAAP) · Understand business entity, money measurement and going concern with shop examples · Apply the accounting period and cost concepts to real numbers · Use the dual aspect concept and the equation Assets = Liabilities + Capital ⏱ 30 min ✓
- 2 Seven more concepts: from revenue recognition to objectivity Decide exactly when revenue is recorded, including the exceptions · Use the matching concept to find the correct profit of a year · Explain full disclosure, consistency and materiality with examples · Apply conservatism (lower of cost or market) and objectivity to real cases ⏱ 35 min ✓
- 3 Systems, basis of accounting, standards and GST basics Compare the double entry and single entry systems · Calculate profit on cash basis and accrual basis and explain the difference · Explain the meaning, need, benefits and limitations of Accounting Standards, with an overview of Ind AS and IFRS · Understand GST, CGST, SGST and IGST and apply them to simple sales ⏱ 35 min ✓
10 MCQs (instant result) + 6 board-style questions (with full solutions) Challenge Zone (Advanced / HOTS)
Challenge Zone: Theory Base of Accounting · 4 topper-level problems + 2 brain teasers