I am a beginner to this Raspberry Pi board. I wanted to power my board using 5V adaptor. I am currently having phone charger whose output specifications are 5V, 0.7 to 1A. So can I use the same adaptor to power my board?
Yes. According to the manual of the raspberry pi, it needs 700mA max. So if your charger can supply up to 1A you will have no problem with that.
As jippie and Andyaka have truly said, the output must be regulated 5V. So take this into account as well.
by the way this is another link might be helpful