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Revision Notes for Class 11 Accountancy All topics
Class 11 Accountancy students should refer to the following concepts and notes for All topics in Class 11. These exam notes for Class 11 Accountancy will be very useful for upcoming class tests and examinations and help you to score good marks
All topics Notes Class 11 Accountancy
CBSE Class 11 Accountancy Study Material. Learning the important concepts is very important for every student to get better marks in examinations. The concepts should be clear which will help in faster learning. The attached concepts made as per NCERT and CBSE pattern will help the student to understand the chapter and score better marks in the examinations.
Unit :1
Introduction to accounting
“There's no business like show business, but there are several businesses like accounting.”
Introduction:
Accounting has greater discipline than book keeping. It includes conceptual knowledge of the subject and applications also.
BOOK KEEPING:-It involves journal, ledger, cash book and other subsidiary books, it cannot disclose the results of Business.
Meaning of Accounting:-It is process of identifying, measuring, recording and communicating the financial information.
Difference between Bookkeeping and accountancy:
Book keeping does not show the net result and accountancy shows net result of the business.
Economic Events:-
All events which can be measured in monetary Terms are known as Economic events. (Salary paid to employees, Goods purchased from creditors, cash withdrew from bank)
CHANGING ROLE OF ACCOUNTANCY
1. As a language to communicate information an enterprises.
2. To provide valuable information for judging management ability.
3. To provide quantitative information this is useful in economic decision.
Process of accounting
1. Identification of the economic events. (Selection of important event)
2. Classification of the business transaction (Assets, liability, expenses, income).
3. Measurement in terms (Monetary value transaction.),
4. Recording of business transactions (As per accounting principal)
5. Summarizing the business transaction (Journal, ledger, trial balance and Balance sheet.)
6. Analysis and interpreting the business transactions. (Various reports, ratio etc.)
7. Communication (provide information to internal and external users.)
Users of financial statements:
1. Internal users :- (Owners, shareholders, investors, creditors, employees, customers, management.)
2 External users: - (Regulatory agencies, labor union, stock exchange, public and others)
BRANCHES OF ACCOUNTING
1. Financial accounting (Book Keeping + preparation of financial statement).
2. Cost accounting (Determines the unit cost at different level of production).
3. Management accounting (It blends financial and cost accounting to get maximum profit at maximum cost).
4. Tax accounting (Sales tax and income tax).
5. Social responsibility (Focus on social benefits)
Objectives of Accounting
1. Provides information in systematic way.
2. Enables to get profit or loss of business during certain profit.
3. Shows the actual position of the business.
BASIC ACCOUNTING TERMS
1. Entity:- It means existence of an individual which includes two things 1.Business entity
2. Non business entity.
2. Transactions: - Exchange of goods and services for consideration.
3.Assets:- These are properties or economic resources of an enterprises which can be expressed in monetary terms it can be divided in two parts 1.Fixed assets( more than 1 year period) 2. Current assets(less than 1 year period)
4. Liabilities:-These are certain obligations or dues which firm has to pay.
5. Capital: It is an essential investment for commencement of every business.
6. Sales: It can be credit or cash, in which goods are delivered to customers.
7. Revenues:-It is the amount which is earned by selling of products.
8. Expenses:-It is known as cost of assets consumed or services which used.
9. Expenditure:-It means spending money for some benefit.
10. Profit: - Excess of revenues over expenses is called profit.
11. Gain: - It generates from incidental transaction such as sales of fixed asset, winning of court case.
12. Loss: - Excess of expenses over income is termed as loss.
13. Discount:-It is defined as concession or deduction in price of goods sold.
14. Voucher:-It is known as evidence in support of a transaction.
15. Goods: - It refers all the tangible goods (Raw material, work in progress, finished goods.)
16. Drawings: - Amount of goods or cash which is withdrawn from business for personal use.
17. Purchases: - It means of procurement of goods on credit or cash.
18. Stock: - It is a part of unsold goods. It can be divided into two categories.
1.Opening stock
2. Closing stock.
19 Debtors: - There are persons who owe to an enterprise an amount for buying goods and services on credit.
20. Creditors: - These are persons who have to be paid by an enterprise an amount for providing the enterprise goods and services on credit.
Please click the link below to download pdf file for CBSE Class 11 Accountancy Study Material.
CBSE Class 11 Accountancy Introduction To Accounting Concepts And Illustrations |
CBSE Class 11 Accountancy Introduction To Accounting Notes |
CBSE Class 11 Accountancy Theory Base Of Accounting Concepts And Illustrations |
CBSE Class 11 Accountancy Theory Base Of Accounting Notes |
CBSE Class 11 Accountancy Recording Of Transaction Concepts And Illustrations |
CBSE Class 11 Accountancy Recording Of Transaction Notes |
CBSE Class 11 Accountancy Rectification Of Error Concepts And Illustrations |
CBSE Class 11 Accountancy Rectification Of Error Notes |
CBSE Class 11 Accountancy Depreciation Provisions And Reserves Concepts And Illustrations |
CBSE Class 11 Accountancy Depreciation Provisions And Reserves Notes |
CBSE Class 11 Accountancy Financial Statements Concepts And Illustrations |
CBSE Class 11 Accountancy Financial Statements Notes |
CBSE Class 11 Accountancy Accounts For Incomplete Records Notes Set A |
CBSE Class 11 Accountancy Accounts For Incomplete Records Notes Set B |
CBSE Class 11 Accountancy Computers And Accounting Information System Notes Set A |
CBSE Class 11 Accountancy Computers And Accounting Information System Notes Set B |
CBSE Class 11 Accountancy Topics For Projects |
CBSE Class 11 Accountancy All topics Notes
We hope you liked the above notes for topic All topics which has been designed as per the latest syllabus for Class 11 Accountancy released by CBSE. Students of Class 11 should download and practice the above notes for Class 11 Accountancy regularly. All revision notes have been designed for Accountancy by referring to the most important topics which the students should learn to get better marks in examinations. Our team of expert teachers have referred to the NCERT book for Class 11 Accountancy to design the Accountancy Class 11 notes. After reading the notes which have been developed as per the latest books also refer to the NCERT solutions for Class 11 Accountancy provided by our teachers. We have also provided a lot of MCQ questions for Class 11 Accountancy in the notes so that you can learn the concepts and also solve questions relating to the topics. We have also provided a lot of Worksheets for Class 11 Accountancy which you can use to further make yourself stronger in Accountancy.
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