Accounting concepts

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Textbook

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Additional References

How the topic is discussed in NCERT Books

NCERT Class XI has 'Financial Accounting - I' text book, which gives much more detailed explanation of Accounting. Chapter 1 provides an introduction to accountancy and Class XI - Financial Accounting - Chapter 2 discusses basic accounting concepts which is very much required to understand the subject.

Chapter two also discusses three other related items - accounting principles/practices (including the General Accepted Accounting Principles,called GAAP in short), accounting conventions and accounting standards.

Both accounting principles and conventions inform/influence the actual practice of accountancy.

The professional accounting bodies (such as the Institute of Chartered Accountants of India), draft the accounting principles and standards to keep evolving with changing requirements.

Click here for NCERT Accountancy text books

Useful websites

Few useful sites for accounting concepts

http://www.businessdictionary.com/definition/accounting-concepts.html

Reference Books

Tamil Nadu text book for Class XII Chapter 2 gives a good explanation about Conceptual Frame Work of Accounting. Accounting concepts, assumptions (conventions) and principles (see image below from the text book).

Teaching Outlines

Please describe the key ideas to be conveyed in this section. Also broken down in details by each idea

Key Idea # 1 - Introduction to accounting concepts

What are the key ideas to be covered

Accounting concepts are basic to understanding accountancy. These concepts provide the basis for the book keeping as well as financial / cost / management accounting processes. There are a large number of accounting concepts. In addition there are also important accounting conventions.

Learning objectives

What are accounting concepts

Notes for teachers

These concepts are very thought provoking and hence can be learnt through a participatory discussion mode. For each concept, students can debate - why do we need this concept, whether the concept conflicts with another concept etc.

Activity No # 1 Discussion on accounting concepts

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• Estimated Time

2 periods

• Materials/ Resources needed

• Prerequisites/Instructions, if any

• Multimedia resources

• Relevant local connections - people, places and materials

• Website interactives/ links

A few slide presentations give a good idea of these concepts and conventions Simple and clear slide show

• Process

Let students in teams of 2-4 pick up one concept each and present to the rest of the class

• What questions can you ask

Why do we need accounting concepts

• Assessments - incorporating elements of CCE

• Question Corner

Do accounting concepts change or need to change from country to country?

Activity No #

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A second simple and clear slide show

• Estimated Time
• Materials/ Resources needed
• Prerequisites/Instructions, if any
• Multimedia resources

• Relevant local connections - people, places and materials
• Website interactives/ links
• Process
• What questions can you ask
• Assessments - incorporating elements of CCE
• Question Corner

1. Why do we need accounting concepts
2. Who has created / developed these accounting concepts