CBSE Class 11 - Accountancy - Chapter 1 - Introduction to Accounting (#eduvictors)(#class11Accountancy)

Chapter 1 - Introduction to Accounting

CBSE Class 11 - Accountancy - Q & A

Q1: Define Accounting.

Answer: Accounting can be defined as a process of identifying, recording, classifying, summarizing and communicating economic data.

The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business. Today, accounting is used by everyone and a good understanding of it is beneficial to all.

Accountancy acts as a language of finance.

Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions.

Q2: State the objectives of accounting.

CBSE Class 11 - Accountancy Mid-Term Sample Question Paper (2019-20) (#eduvictors)(#cbsenotes)

CBSE Class 11 - Accountancy
 Mid-Term Sample Question Paper
 (2019-20) 

Getting good marks is very important for students of class 11. For this one must practice and attempt sample question papers within time limits.

Here follows a sample question paper on Accountancy subject to assess your knowledge about the subject.

For studying you may refer following help guides:

1. T S Grewal Class 11 Accountancy
2. Oswal Class 11 Accountancy Question Bank 

CBSE Class 11 - Accountancy - Chapter 2: Advantages of Book Keeping (Class11Accountancy)(#cbsenotes)(#eduvictors)

Advantages Of Book‐Keeping

(Chapter 2: Theory Base of Accounting)

What is Book-Keeping?

Book‐Keeping is a systematic manner of recording transactions related to business in the books of accounts. In Book‐Keeping, transactions are recorded in the order of the dates. An Accountant is a person who records the transactions in the books of the business and is expected to show the financial results of a business for every financial year. A financial year in India is followed from 1st  April to 31st  March.

According to J. R. Batliboi

"Book‐Keeping is an art of recording business dealings in a set of books." 

According to R.N  Carter:

"Book‐Keeping  is  an  art  of  recording  in  the  books  of  accounts,  all  those  business  transactions  that  result in transfer of money’s worth" 

In book keeping, financial transactions are recorded in a set of books. It is the first stage of maintaining accounts and as such it cannot give any conclusions about the performance of business.

Advantages of Book‐Keeping

CBSE Class 11 - Accountancy - Theory Base of Accounting - Introduction to Book Keeping (#cbsenotes)(#eduvictors)

Introduction to Book‐Keeping

(Chapter 2: Theory Base of Accounting)

Accounting can be defined as an information system that provides reports to users about the economic activities and condition of a business.   In earlier times, the Barter system was followed.  Goods were exchanged for goods.    Gradually,  the need was felt to have a common medium of exchange for goods and services and thus, the evolution of money took place.   All the activities performed involved money.  Business activities came into existence.  It was very difficult for businessmen to remember each and every transaction of the business and therefore, recording all the transactions became necessary. As a result, accounting systems are designed to show the increases and decreases in each accounting equation element as a separate record. This record is called an account. This process of recording all the transactions in a systematic manner is known as Book‐Keeping.

What is Book-Keeping?

Book‐Keeping is a systematic manner of recording transactions related to business in the books of accounts. In Book‐Keeping, transactions are recorded in the order of the dates. An Accountant is a person who records the transactions in the books of the business and is expected to show the financial results of a business for every financial year. A financial year in India is followed from 1st  April to 31st  March.

According to J. R. Batliboi

"Book‐Keeping is an art of recording business dealings in a set of books." 

According to R.N  Carter:

"Book‐Keeping  is  an  art  of  recording  in  the  books  of  accounts,  all  those  business  transactions  that  result in transfer of money’s worth" 

CBSE Class 11 - Accountancy - Theory Base of Accounting - System and Basis of Accounting (#cbsenotes)(#eduvictors)

Systems and Basis of Accounting

Revision Notes

Main objective of accounting is to provide appropriate, useful and reliable information about financial performance of the business to its various users to enable then in judicious decision making.
This objective can be achieved only when accounting records are maintained on the basis of uniform rules and principles.

Systems of Accounting : 
Transactions may be recorded in the books of accounts under any of the two systems mentioned below :

1. Double Entry System
2. Single Entry System

CBSE Class 11 - Accountancy - Chapter 1 - Understanding Basic Terms (#cbsenotes)(#eduvictors)

Accountancy - Chapter 1 -
Understanding Basic Terms

Business transaction

An economic activity that affects the financial position of the business and can be measured in terms of money e.g., purchase of goods for use
in business.

Account

Account refers to a summarized record of relevant transaction of a particular head at one place. All accounts are divided into two sides. The left side of an account is called debit side and the right side of an account is called the credit side.

Capital

Amount invested by the owner in the firm is known as capital. It may be bought in the form of cash or assets by the owner.

Drawings:

The money or goods or both withdrawn by the owner from business for personal use is known as drawings. Example: the purchase of a car for personal use by withdrawing money from a business.

CBSE Class 11 Accountancy -Syllabus (2017-18) (#cbseNotes)

Accountancy -Syllabus (2017-18)

CBSE Class 11 Accountancy

Here presents the prescribed syllabus for Class 11 Accountancy for the curriculum 2017-18.

CBSE Class 11 - Accountancy Sample Question Paper (2016-17)(#cbsepapers)

CBSE Class 11 - Accountancy Sample Question Paper (2016-17)