Accountancy class 11 English

  CBSE Class 11 Accountancy Revision Notes Chapter-1 Introduction to Accounting Learning Objectives: After studying this chapter, you should be able to understand: Meaning of Accounting Accountancy, Accounting and Book-keeping Relationship between Accountancy, Accounting and Book-keeping Distinguish between Book-keeping and Accounting Users of Accounting information Advantages and limitations of Accounting. Basic Accounting terms Double Entry System of Book-keeping Introduction According to American Institute of Certified Public Accountants, “Accounting is the art of recording, classifying and summarising the economic information in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the results thereof.” Accounting Principles Board (APB) of AICPA (U.S.A) defined accounting as “Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, a...

  CBSE Test Paper 01 Ch-1 Introduction to accounting Confidence and trust that the reported information is a reasonable representation of the actual items and events, that have occurred, indicate which qualitative characteristic of accounting information. State whether a large order of supply of goods received by the firm be recorded in books. Appointment of a new managing director is not recorded in the books of accounts. Why? What is a person to whom money is owed by a firm called? Mr Raj, an electronic goods dealer, gifted a microwave of value Rs. 30,000 to his friend Rohan and recorded it in books as drawing. Is he correct? Is accounting an art or a science? Accounting information refers to financial statements. The information provided by these statements can be categorised into various types. Briefly describe them. Distinguish between financial accounting, cost accounting, and management accounting. Distinguish between book-keeping, accounting, and accountancy. Basic objectiv...

  CBSE Class 11 Accountancy Revision Notes Chapter-2 Theory Base of Accounting Learning Objectives After studying this chapter, students should be able to: Describe the meaning of Accounting Assumptions and Accounting Principles. Explain the Accounting Standards and IFRS along with their objectives. Describe the Bases of Accounting. Distinguish between Cash Basis of Accounting and Accrual Basis of Accounting. Main objective of accounting is to provide appropriate, useful and reliable information about the financial performance of the business to its various users to enable them to make judicious decisions. This objective can be achieved only when accounting records are maintained on the basis of uniform rules and principles. Accounting principles, concepts and conventions are commonly known as Generally Accepted Accounting Principles (GAAP). These principles are the base of Accounting. Generally Accepted Accounting Principles (GAAP) refer to the rules or guidelines adopted for reco...