Please refer to Theory Base of Accounting HOTs Class 11 Accountancy provided below with Theory Base of Accounting. All HOTs for Class 11 Accountancy with answers provided below have been designed as per the latest syllabus and examination petter issued by CBSE, NCERT, KVS. Students of Standard 11 Accountancy should learn the solved HOTS for Class 11 Accountancy provided below to gain better marks in examinations.
Theory Base of Accounting Class 11 Accountancy HOTs
Question. What is the meaning of Basic Accounting Terms?
Answer : There are definite basic accounting terms which are used on a daily basis in the world of business. Before recording the transactions in the books, it is required to comprehend these terms as they have their particular meaning in Accounting. These basic terms are known as Accounting Terminologies.
Question. How is the total amount of Liabilities calculated?
Answer : Liabilities = Assets – Capital
Question. Mention different types of liabilities.
Answer : • Internal liabilities
• External liabilities
• Current liabilities
• Non-current liabilities
Question. Give 2 examples of Tangible assets.
Answer :
• Stock
• Land and Building
Question. A Ltd. imported from London one machinery for sale in India and other machinery for production purpose. Will you treat them as goods or fixed assets?
Answer : First machinery will be treated as goods and the second machinery will be treated as Fixed Asset.
Question. What is the nature of accounting principles?
Answer : Nature of accounting principles are,
• Accounting principles are a uniform set of rules that are developed to assure the uniformity and easy comprehension of the accounting information
• Accounting principles are man made and are derived from experience and reason
• Accounting principles are not static