Class 11 Accountancy: Basic Accounting Concepts

Question 1

The accounting equation is:

Accepted Answer

Assets = Liabilities + Capital

Question 2

The concept that assumes a business will continue indefinitely is called:

Accepted Answer

Going concern concept

Question 3

Which of the following is a current liability?

Accepted Answer

Creditors (trade payables)

Question 4

Debit the receiver, credit the giver — this is the rule for:

Accepted Answer

Personal accounts