accounting assignment class 11

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Class 11 Accountancy Assignments

We have provided below free printable Class 11 Accountancy Assignments for Download in PDF. The Assignments have been designed based on the latest NCERT Book for Class 11 Accountancy . These Assignments for Grade 11 Accountancy cover all important topics which can come in your standard 11 tests and examinations. Free printable Assignments for CBSE Class 11 Accountancy , school and class assignments, and practice test papers have been designed by our highly experienced class 11 faculty. You can free download CBSE NCERT printable Assignments for Accountancy Class 11 with solutions and answers. All Assignments and test sheets have been prepared by expert teachers as per the latest Syllabus in Accountancy Class 11. Students can click on the links below and download all Pdf Assignments for Accountancy class 11 for free. All latest Kendriya Vidyalaya Class 11 Accountancy Assignments with Answers and test papers are given below.

Accountancy Class 11 Assignments Pdf Download

We have provided below the biggest collection of free CBSE NCERT KVS Assignments for Class 11 Accountancy . Students and teachers can download and save all free Accountancy assignments in Pdf for grade 11th. Our expert faculty have covered Class 11 important questions and answers for Accountancy as per the latest syllabus for the current academic year. All test papers and question banks for Class 11 Accountancy and CBSE Assignments for Accountancy Class 11 will be really helpful for standard 11th students to prepare for the class tests and school examinations. Class 11th students can easily free download in Pdf all printable practice worksheets given below.

Topicwise Assignments for Class 11 Accountancy Download in Pdf

Advantages of Class 11 Accountancy Assignments

• As we have the best and largest collection of Accountancy assignments for Grade 11, you will be able to easily get full list of solved important questions which can come in your examinations.
• Students will be able to go through all important and critical topics given in your CBSE Accountancy textbooks for Class 11 .
• All Accountancy assignments for Class 11 have been designed with answers. Students should solve them yourself and then compare with the solutions provided by us.
• Class 11 Students studying in per CBSE, NCERT and KVS schools will be able to free download all Accountancy chapter wise worksheets and assignments for free in Pdf
• Class 11 Accountancy question bank will help to improve subject understanding which will help to get better rank in exams

Frequently Asked Questions by Class 11 Accountancy students

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We provide here Standard 11 Accountancy chapter-wise assignments which can be easily downloaded in Pdf format for free.

You can click on the links above and get assignments for Accountancy in Grade 11, all topic-wise question banks with solutions have been provided here. You can click on the links to download in Pdf.

We have provided here topic-wise Accountancy Grade 11 question banks, revision notes and questions for all difficult topics, and other study material.

We have provided the best collection of question bank and practice tests for Class 11 for all subjects. You can download them all and use them offline without the internet.

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• Human Resource Management
• Entrepreneurship

Class 11th Study Material Accountancy: Free Study Guide

Accountancy is a field of study that focuses on the systematic recording, analyzing, and reporting of financial transactions and information within businesses and organizations. learn accountancy for class 11th with our easy-to-follow and latest cbse guidelines-based study material to get good marks in board exams. we've gathered everything a class eleventh student needs to excel in their accounts curriculum..

Discover a smoother learning journey through our effortless roadmap

[Part-A] Chapter 1: Introduction to Accounting

Introduction to Accounting

Types and Users of Accounting Information

Difference between Bookkeeping and Accounting

Accounting: Objectives, Characteristics, Advantages, Disadvantages and Role of Accounting

Basic Accounting Terms

Difference between Accounting and Accountancy

[Part-A] Chapter 2: Theory Base of Accounting

Accounting Standards : Need, Benefits, Limitations and Applicability

IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles)

Difference between Cash Basis and Accrual Basis of Accounting

Accounting Concepts

Systems and Basis of Accounting | Single and Double Entry System

[Part-A] Chapter 3: Recording of Business Transactions

16 articles

Accounting Voucher: Format & Types of Vouchers

Accounting Equation: Meaning, Formula, Components & Calculation

Accounting Equation | Increase in Assets and Capitals both and Increase in Assets and Liability both

Accounting Equation | Decrease in Assets and Capital both and Decrease in Asset and Liability both

Accounting Equation|Decrease in Capital and Increase in the Liability, Decrease in Liability and Increase in the Capital and Increase and Decrease in Assets

Accounting Equation|Sale of Goods and Calculation of Net Worth (Owner's Equity) Or Capital

Journal Entries

Journal Entry Questions and Solutions

Rules of Journal Entry in Accounting

Cash Book: Meaning, Types, and Example

Purchase Book : Meaning, Format, and Example

Sales Book: Meaning, Format and Example

Purchase Return Book : Meaning, Format, and Example

Sales Return Book: Meaning, Format, and Example

Journal Proper: Meaning, Format and Examples

Ledger | Meaning, Format, Example and Balancing of Accounts

[Part-A] Chapter 4: Bank Reconciliation Statement

Bank Reconciliation Statement (BRS) | Full Form of BRS and Need of BRS

How to Prepare Bank Reconciliation Statement (BRS) ? | Purpose of BRS with Example

Difference between Bank Statement and Bank Reconciliation Statement

Preparation of BRS without correcting Cash Book

Bank Reconciliation Statement (BRS) : Without Correcting Cash Book

Preparation of Bank Reconciliation Statement with Amended Cash Book

Bank Reconciliation Statement (BRS): When Extracts from Cash Book and Pass Book are given

[Part-A] Chapter 5: Depreciation, Provisions, and Reserves

11 articles

Depreciation: Features, Causes, Factors and Need

Methods of charging Depreciation

Straight Line Method of Charging Depreciation

Written Down Value (WDV) Method of Depreciation

Difference between Straight Line and Written Down Value Method of calculating Depreciation

Difference between Depreciation and Amortization

Provisions in Accounting - Meaning, Accounting Treatment, and Example

Reserves in Accounting: Meaning, Accounting Treatment, Importance, and Example

Difference between Provisions and Reserves

Reserves and its Types

Difference between Capital Reserve and Revenue Reserve

[Part-A] Chapter 6: Trial Balance and Rectification of Errors

Trial Balance: Meaning, Objectives, Preparation, Format & Example

Types of Errors in Trial Balance

Detection and Rectification of Errors in Trial Balance

Suspense Account : Meaning, Journal Entry & Format

[Part-A] Chapter 7: Bills of Exchange

Bills of Exchange: Meaning, Features, Parties, and Advantages

Promissory Note: Features and Parties

Difference between Bills of Exchange and Promissory Note

Important Terms in Bills of Exchange

Accounting Treatment of Bills of Exchange

[Part-B] Chapter 1: Financial Statements

42 articles

Financial Statements : Meaning, Objectives, Types and Format

Financial Statement with Adjustments

Financial Statement with Adjustments ( Journal Entries )

Financial Statement with Adjustment with Examples-I

Adjustment of Closing Stock in Final Accounts (Financial Statements)

Adjustment of Outstanding Expenses in Final Accounts (Financial Statements)

Adjustment of Prepaid Expenses in Final Accounts (Financial Statements)

Adjustment of Accrued Income in Final Accounts (Financial Statements)

Adjustment of Unearned Income in Final Accounts (Financial Statements)

Financial Statement with Adjustment with Examples-II

Adjustment of Interest on Capital in Final Accounts (Financial Statements)

Adjustment of Interest on Drawings in Final Accounts (Financial Statements)

Adjustment of Interest on Loan in Final Accounts (Financial Statements)

Adjustment of Proprietor’s Salary in Final Accounts (Financial Statements)

Adjustment of Interest on Deposits in Final Accounts (Financial Statements)

Financial Statement with Adjustment with Examples-III

Adjustment of Depreciation in Final Accounts (Financial Statements)

Adjustment of Appreciation in Final Accounts (Financial Statements)

Adjustment of Bad Debts in Final Accounts (Financial Statements)

Adjustment of Provision for Bad and Doubtful Debts in Final Accounts (Financial Statements)

Adjustment of Bad Debts Recovered in Final Accounts (Financial Statements)

Financial Statement with Adjustment with Examples - IV

Adjustment of Provision for Discount on Debtors in Final Accounts (Financial Statements)

Adjustment of Provision for Discount on Creditors in Final Accounts (Financial Statements)

Financial Statement with Adjustment-Loss of Insured Goods & Assets (All three cases)

Adjustment of Goods given as Charity or Free Sample in Final Accounts (Financial Statements)

Adjustment of Goods used for Personal Purpose in Final Accounts (Financial Statements)

Financial Statement with Adjustment with Examples-V

Adjustment of Use of Goods in Business in Final Accounts (Financial Statements)

Adjustment of Manager's Commission in Final Accounts (Financial Statements)

Adjustment of Deferred Revenue Expenditure in Final Accounts (Financial Statements)

Stakeholders and their Information Requirements

Capital Expenditure | Meaning, Example and Accounting Treatment

Revenue Expenditure | Meaning, Types, Example and Accounting Treatment

Capital Receipts | Meaning, Types, Components, and Accounting Treatment

Revenue Receipts | Meaning, Features, Example and Accounting Treatment

Difference between Capital Expenditure and Revenue Expenditure in Accountancy

Difference between Capital Receipts and Revenue Receipts in Accountancy

Trading and Profit and Loss Account: Opening Journal Entries

Operating Profit (EBIT): Meaning, Formula and Example

Balance Sheet: Meaning, Format, Need and Objectives

How to prepare a Balance Sheet?

Study Material Overview

Explore our comprehensive Chapter-Wise study material for Class 11 Accounting, which cover all essential topics aligned with the latest CBSE Guidelines. From mastering the basics of accounting principles in Part A, including understanding business transactions, bank reconciliation, and rectification of errors, to delving into financial statements in Part B, our study material provides a structured approach to learning all key concepts.

What do we offer?

This GeeksforGeeks CBSE Class 11 Accountancy Study Material for the academic year 2024-25 is structured into two parts. Part A comprises 7 chapters, while Part B consists of 1 chapter. Our guide covers each and every concept with detailed explanations and practical examples, allowing students to gain a solid foundation in accounting principles and prepare effectively for their exams.

Key Highlights of this Class 11 Accounting Study Material

• Aligned with NCERT Guidelines: Accurately matches the latest NCERT curriculum.
• Covers Updated Syllabus (2024-25): Includes all new topics introduced for the academic year 2024-25.
• Illustrated Diagrams: Visual aids provided for better understanding of concepts.
• Clear Explanations: Complex concepts simplified for easy comprehension.
• Chapter Summaries: Concise summaries provided for quick revision before exams.
• Expertly Crafted Content: Comprehensive and well-researched material curated by subject matter experts.
• Accessible Anywhere: Study conveniently on-the-go with our online platform.

Ritika Rawat

Just what I needed for Class 11 Accountancy! GeeksforGeeks breaks down complex ideas into easy-to-understand concepts. Super helpful.

Mansi Singh

With GeeksforGeeks, I finally get Accountancy . Their easy explanations and helpful practice questions make studying less stressful.

Tushar Godiyal

Love studying Accountancy now thanks to GeeksforGeeks. The straightforward explanations and quizzes make learning a breeze.

Yash Sharma

GeeksforGeeks has transformed my approach to Class 11 Accountancy. Clear, simple, and exactly what I need for exams.

What is Accountancy?

Accountancy is the process of recording, summarizing, and analyzing financial transactions of a business.

Why is Accountancy Important?

Accountancy helps businesses keep track of their financial performance, make informed decisions, and comply with legal requirements.

Is the study material updated for the academic year 2024-25?

Yes, our study material is aligned with the latest CBSE curriculum for 2024-25.

How many chapters are in Class 11 Accounts?

The material covers all 8 Chapter of Class 11 Accounting chapters specified by CBSE.

How to score full marks in accountancy?

Understand the Basics: Debits, Credits, Equation and more. Solve sample papers, mock tests, past paper. Use Flow Charts and Diagrams during Practice. Solve Atleast 5 Yeast Previous Papers. Clear Doubts and revise.

Improve your Coding Skills with Practice

What kind of Experience do you want to share?

NCERT Books and Solutions for all classes

Assignments Class 11 Accountancy Pdf Download

Students can refer to Assignments for Class 11 Accountancy available for download in Pdf. We have given below links to subject-wise free printable Assignments for Accountancy Class 11 which you can download easily. All assignments have a collection of questions and answers designed for all topics given in your latest NCERT Books for Class 11 Accountancy for the current academic session. All Assignments for Accountancy Grade 11 have been designed by expert faculty members and have been designed based on the type of questions asked in standard 11 class tests and exams. All Free printable Assignments for NCERT CBSE Class 11, practice worksheets, and question banks have been designed to help you understand all concepts properly. Practicing questions given in CBSE NCERT printable assignments for Class 11 with solutions and answers will help you to further improve your understanding. Our faculty have used the latest syllabus for Class 11. You can click on the links below to download all Pdf assignments for class 11 for free. You can get the best collection of Kendriya Vidyalaya Class 11 Accountancy assignments and questions workbooks below.

Class 11 Accountancy Assignments Pdf Download

CBSE NCERT KVS Assignments for Accountancy Class 11 have been provided below covering all chapters given in your CBSE NCERT books. We have provided below a good collection of assignments in Pdf for Accountancy standard 11th covering Class 11 questions and answers for Accountancy. These practice test papers and workbooks with question banks for Class 11 Accountancy Pdf Download and free CBSE Assignments for Class 11 are really beneficial for you and will support in preparing for class tests and exams. Standard 11th students can download in Pdf by clicking on the links below.

Subjectwise Assignments for Class 11 Accountancy

Benefits of Solving Class 11 Accountancy Assignments

• The best collection of Grade 11 assignments for Accountancy have been provided below which will help you in getting better marks in class tests and exams.
• The solved question for Class 11 Accountancy will help you to gain more confidence to attempt all types of problems in exams
• Latest NCERT Books for Class 11 Accountancy have been referred to for designing these assignments
• We have provided step by step solutions for all questions in the Class 11 assignments so that you can understand the solutions in detail.
• We have provided single click download links to all chapterwise worksheets and assignments in Pdf.
• Class 11 practice question banks will support to enhance subject knowledge and therefore help to get better marks in exam

FAQs by Accountancy Students in Class 11

At https://www.ncertbooksolutions.com is the best website that has the biggest collection of free printable assignments for Class 11 Accountancy.

We provide here Standard 11 subject-wise assignments which can be easily downloaded in Pdf format for free. Our teachers have provided these Grade 11 Accountancy test sheets for Accountancy given in your books.

You can click on the links above and get assignments for Accountancy in Grade 11, all chapters and topic-wise question banks with solutions have been provided here. You can click on the links to download in Pdf.

We have provided here subject-wise Grade 11 Accountancy question banks, revision notes and questions for all difficult topics, and other study material. You can download it all without any charge by clicking on the links provided above.

We have provided the best quality question bank for Class 11 for Accountancy available for Pdf Download. You can download them all and use them offline without the internet.

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CBSE Worksheets for Class 11 Accountancy

CBSE Worksheets for Class 11 Accountancy: One of the best teaching strategies employed in most classrooms today is Worksheets. CBSE Class 11 Accountancy Worksheet for students has been used by teachers & students to develop logical, lingual, analytical, and problem-solving capabilities. So in order to help you with that, we at WorksheetsBuddy have come up with Kendriya Vidyalaya Class 11 Accountancy Worksheets for the students of Class 11. All our CBSE NCERT Class 11 Accountancy practice worksheets are designed for helping students to understand various topics, practice skills and improve their subject knowledge which in turn helps students to improve their academic performance. These chapter wise test papers for Class 11 Accountancy will be useful to test your conceptual understanding.

Board: Central Board of Secondary Education(www.cbse.nic.in) Subject: Class 11 Accountancy Number of Worksheets: 31

CBSE Class 11 Accountancy Worksheets PDF

All the CBSE Worksheets for Class 11 Accountancy provided in this page are provided for free which can be downloaded by students, teachers as well as by parents. We have covered all the Class 11 Accountancy important questions and answers in the worksheets which are included in CBSE NCERT Syllabus. Just click on the following link and download the CBSE Class 11 Accountancy Worksheet. CBSE Worksheets for Class 11 Accountancy can also use like assignments for Class 11 Accountancy students.

• CBSE Worksheets for Class 11 Accountancy Accounting Equation Assignment
• CBSE Worksheets for Class 11 Accountancy Bank Reconciliation Statement Assignment
• CBSE Worksheets for Class 11 Accountancy Bills of Exchange Assignment
• CBSE Worksheets for Class 11 Accountancy Depreciation Assignment
• CBSE Worksheets for Class 11 Accountancy Equation Enrichment Assignment
• CBSE Worksheets for Class 11 Accountancy Introduction to Accounting Assignment 1
• CBSE Worksheets for Class 11 Accountancy Introduction to Accounting Assignment 2
• CBSE Worksheets for Class 11 Accountancy Introduction to Accounting Assignment 3
• CBSE Worksheets for Class 11 Accountancy Journal and Ledger Assignment
• CBSE Worksheets for Class 11 Accountancy Question Bank Assignment
• CBSE Worksheets for Class 11 Accountancy Theory base of Accounting Assignment
• CBSE Worksheets for Class 11 Accountancy Theory Base of Accounting Enrichment Assignment
• CBSE Worksheets for Class 11 Accountancy Assignment 1
• CBSE Worksheets for Class 11 Accountancy Assignment 2
• CBSE Worksheets for Class 11 Accountancy Assignment 3
• CBSE Worksheets for Class 11 Accountancy Assignment 4
• CBSE Worksheets for Class 11 Accountancy Assignment 5
• CBSE Worksheets for Class 11 Accountancy Assignment 6
• CBSE Worksheets for Class 11 Accountancy Assignment 7
• CBSE Worksheets for Class 11 Accountancy Assignment 8
• CBSE Worksheets for Class 11 Accountancy Assignment 9
• CBSE Worksheets for Class 11 Accountancy Assignment 10
• CBSE Worksheets for Class 11 Accountancy Assignment 11
• CBSE Worksheets for Class 11 Accountancy Assignment 12
• CBSE Worksheets for Class 11 Accountancy Assignment 13
• CBSE Worksheets for Class 11 Accountancy Assignment 14
• CBSE Worksheets for Class 11 Accountancy Assignment 15
• CBSE Worksheets for Class 11 Accountancy Assignment 16
• CBSE Worksheets for Class 11 Accountancy Assignment 17
• CBSE Worksheets for Class 11 Accountancy Assignment 18
• CBSE Worksheets for Class 11 Accountancy Assignment 19

Advantages of CBSE Class 11 Accountancy Worksheets

• By practising NCERT CBSE Class 11 Accountancy Worksheet , students can improve their problem solving skills.
• Helps to develop the subject knowledge in a simple, fun and interactive way.
• No need for tuition or attend extra classes if students practise on worksheets daily.
• Working on CBSE worksheets are time-saving.
• Helps students to promote hands-on learning.
• One of the helpful resources used in classroom revision.
• CBSE Class 11 Accountancy Workbook Helps to improve subject-knowledge.
• CBSE Class 11 Accountancy Worksheets encourages classroom activities.

Worksheets of CBSE Class 11 Accountancy are devised by experts of WorksheetsBuddy experts who have great experience and expertise in teaching Maths. So practising these worksheets will promote students problem-solving skills and subject knowledge in an interactive method. Students can also download CBSE Class 11 Accountancy Chapter wise question bank pdf and access it anytime, anywhere for free. Browse further to download free CBSE Class 11 Accountancy Worksheets PDF .

Now that you are provided all the necessary information regarding CBSE Class 11 Accountancy Worksheet and we hope this detailed article is helpful. So Students who are preparing for the exams must need to have great solving skills. And in order to have these skills, one must practice enough of Class 11 Accountancy revision worksheets . And more importantly, students should need to follow through the worksheets after completing their syllabus.  Working on CBSE Class 11 Accountancy Worksheets will be a great help to secure good marks in the examination. So start working on Class 11 Accountancy Worksheets to secure good score.

CBSE Worksheets For Class 11

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AssignmentsBag.com

Assignments For Class 11 Accountancy

Assignments for Class 11 Accountancy have been developed for Standard 11 students based on the latest syllabus and textbooks applicable in CBSE, NCERT and KVS schools. Parents and students can download the full collection of class assignments for class 11 Accountancy from our website as we have provided all topic wise assignments free in PDF format which can be downloaded easily. Students are recommended to do these assignments daily by taking printouts and going through the questions and answers for Grade 11 Accountancy. You should try to do these test assignments on a daily basis so that you are able to understand the concepts and details of each chapter in your Accountancy book and get good marks in class 11 exams.

Assignments for Class 11 Accountancy as per CBSE NCERT pattern

All students studying in Grade 11 Accountancy should download the assignments provided here and use them for their daily routine practice. This will help them to get better grades in Accountancy exam for standard 11. We have made sure that all topics given in your textbook for Accountancy which is suggested in Class 11 have been covered ad we have made assignments and test papers for all topics which your teacher has been teaching in your class. All chapter wise assignments have been made by our teachers after full research of each important topic in the textbooks so that you have enough questions and their solutions to help them practice so that they are able to get full practice and understanding of all important topics. Our teachers at https://www.assignmentsbag.com have made sure that all test papers have been designed as per CBSE, NCERT and KVS syllabus and examination pattern. These question banks have been recommended in various schools and have supported many students to practice and further enhance their scores in school and have also assisted them to appear in other school level tests and examinations. Its easy to take print of thee assignments as all are available in PDF format.

Some advantages of Free Assignments for Class 11 Accountancy

• Solving Assignments for Accountancy Class 11 helps to further enhance understanding of the topics given in your text book which will help you to get better marks
• By solving one assignments given in your class by Accountancy teacher for class 11 will help you to keep in touch with the topic thus reducing dependence on last minute studies
• You will be able to understand the type of questions which are expected in your Accountancy class test
• You will be able to revise all topics given in the ebook for Class 11 Accountancy as all questions have been provided in the question banks
• NCERT Class 11 Accountancy Workbooks will surely help you to make your concepts stronger and better than anyone else in your class.
• Parents will be able to take print out of the assignments and give to their child easily.

All free Printable practice assignments are in PDF single lick download format and have been prepared by Class 11 Accountancy teachers after full study of all topics which have been given in each chapter so that the students are able to take complete benefit from the worksheets. The Chapter wise question bank and revision assignments can be accessed free and anywhere. Go ahead and click on the links above to download free CBSE Class 11 Accountancy Assignments PDF.

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You can get free PDF downloadable assignments for Grade 11 Accountancy from our website which has been developed by teachers after doing extensive research in each topic.

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Presenting to you Class 11 CBSE Best Handwritten Notes of Accountancy of Chapter 2 – Basic Accounting Terms .

With the increasing amount of typed material on the internet, handwritten notes and material are still closest to our heart. Therefore, after Class 10, we present to all Class 11 Students, Free Handwritten Notes.

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• Theory Base of Accounting Class 11 Notes CBSE Accountancy Chapter 2

Revision Notes

Revision Notes for CBSE Class 11 Accountancy Chapter 2 - Free PDF Download

Revision Notes for CBSE Class 11 Accountancy Chapter 2 PDf is available here on Vedantu for free download. For students opting for the Commerce stream, they will be introduced to the subject of Accountancy in class 11. It is an essential component of the curriculum. Accountancy relates to the process of keeping records, classification, and reports of the financial transactions done in a business. Vedantu’s Accountancy class 11 chapter 2 notes provide a lucid explanation to all relevant topics.

Download CBSE Class 11 Accountancy Revision Notes 2024-25 PDF

Also, check CBSE Class 11 Accountancy revision notes for All chapters:

Access Class 11 Chapter –2 Theory Base of Accounting Notes

Accounting Principles

Accounting statements disclose the profitability and solvency of business to various parties. It is necessary to prepare such a statement in a standard language following a standard set of rules and regulations. These rules are known as “Generally Accepted Accounting Principles” or GAAP.

Features of Accounting Principles :

Accounting principles are man made.

Accounting principles are generally accepted .

Accounting principles are flexible in nature.

Need of Accounting Principles

To make the accounting information meaningful to its external and internal users, it is necessary that financial statements are prepared according to these principles.

Types of Accounting Principles

Going concern concept : As per  this concept it is assumed that the business will continue to exist for a long period in future and the transactions are recorded in the books of business on the assumption that it is a continuing enterprise.

Consistency concept : It states that accounting principles and methods should remain consistent from one year to another. It helps them to compare the profit and loss of different periods and draw meaningful conclusions.

Accrual concept : As per this concept revenue is recorded when sales are made and it is immaterial whether cash received or not and same applies to expenses also.It provides more appropriate information about business enterprise as compared to cash basis.

Business entity concept : As per this concept,business organisations are treated as separate entities and owners and persons are separate entities.

Dual aspect concept : It is the basis for the double entry system of book keeping that means all business transactions recorded in accounts have two aspects- debit and credit.The value of benefit received is equal to benefit given.

Money measurement concept : As per the accounting conventions only those transactions are recorded which can be expressed in monetary terms. Example- the event of machinery breakdown is not recorded as it does not have a monetary value.

Cost concept : As per this concept, an asset is ordinarily recorded at the price actually paid or incurred to acquire it.

Accounting period concept : An accounting period is the interval of time ,at the end of which the  financial statements are prepared to ascertain the financial performance of business.The accounting period is normally considered to be a period of 12 months.

Matching concept : Matching the revenues earned during an accounting period with the cost associated with the period to ascertain the accurate result of business concern during that period is called matching concept.

  Revenue recognition or Realization concept: As per this concept,revenue should be accounted for only when it is actually realised or it has become certain that the revenue will be realized.

Objectivity concept : This principle of accounting specifies that the transactions should be recorded in an objective manner and should be unbiased in nature.

Accounting Conventions

It may be defined as a custom or generally accepted practice which is adopted either by general agreement or common consent among accountants.

1. Convention of full disclosure : Accounting statements should disclose fully and completely all the significant information, based on which, decisions can be taken by various interested parties.

2. Convention of Materiality : It requires the disclosure of the significant information,exclusion of which would influence the decisions. Unimportant information can be merged with other items.

3. Convention of Conservatism : The essence of this principle is ‘anticipate no profit and provide for all possible losses’.This means that all prospective losses are taken into consideration. Systems of Accounting

Accounting Standards

Accounting standards are those written statements, which are issued from time to time by the accounting professionals body, specifying uniform rules or practices for the preparation of the financial statements.

Need for Accounting Standards

Accounting standards are needed to improve reliability and bring uniformity in accounting practices and to ensure transparency, consistency and comparability in financial information.

Benefits of Accounting Standards

Accounting standards makes the financial statements more reliable.

Accounting standards help in resolving conflict of financial interest among various groups.

Accounting standards ensure the consistency and comparability of financial statements.

Accounting standards significantly reduce the chances of manipulations and frauds.

Note - Accounting standards are applicable everywhere except the purely charitable organization.

International Financial Reporting Standards (IFRS)

The term IFRS refers to financial reporting standards issued by the International Accounting Standards Board (IASB). In order to make financial statements more consistent and transparent they should comply with all the requirements of IFRS.

Need for IFRS

The need for IFRS arises from the following reasons-

Easy access to global capital markets.

Easy to make Comparisons.

Uniformity in financial reporting.

True and fair valuation of assets.

Difficult to commit fraud and manipulate the accounts.

Goods and Service Tax (GST)

Goods and Services Tax is an indirect tax levied on supply of goods and services with consideration in the course of furtherance of business. GST is built on the principle of One Nation one Tax. It is a comprehensive, multistage, destination-based tax. GST extends to whole India including Jammu & Kashmir.

Features of GST

It  is a consumption based tax.

Burden can be shifted in respect of GST.

Taxpayers do not receive a direct pinch while paying indirect taxes.

It is regressive in nature and it promotes social welfare

It is levied on commodities and services.

Advantages of GST

Ease of doing business.

Reduce Tax Evasion.

Tax system becomes more clear, systematic and foreseeable.

Decrease in the cost of goods, since tax on tax is eliminated in the GST regime.

Note : There are 3 taxes applicable under GST:

Central Goods and Services Tax (CGST)

State Goods and Services Tax (SGST)

Integrated Goods and Services Tax/ Union Territory Goods and Services Tax. (IGST/UTGST)

Revision Notes of CBSE Class 11 Accountancy Chapter 2 Theory Base of Accounting - Benefits of the Notes

Let us check out the benefits of CBSE Class 11 Accountancy Chapter 2 Notes:

Students of Class 11 Accountancy can study the chapter Theory Base of Accounting in a capsulated manner. 

These revision notes will promote smart revision study with a lesser time limit. 

The revision notes are prepared by expert teachers at Vedantu and thus they can reliably revise the chapters from our revision notes. 

Revising these chapters will freshen the concepts already studied by the students and thus revision from these revision notes is a must. 

Students get to revise from the easy-to-revise and read-to-revise study material which comes in the form of a convenient free pdf. 

CBSE Class 11 Accountancy Chapter 2 Theory Base of Accounting - Topics Covered

The following topics are covered in the theory base of accounting notes –

Different Features of Accounting Principles 

The accounting principles are formed largely by trial and error method. Such principles are usually accepted across the board, and those can be modified according to requirement.

Types of Accounting Principles 

Accountancy class 11 chapter 2 notes mention different types of accounting principles –

A business entity or accounting entity principle 

Money measurement principle 

Accounting period principle 

Full disclosure principle 

Materiality principle 

Conservatism principle 

Cost principle 

Matching principle 

Dual aspect principle

Fundamental Accounting Assumptions 

Accounting assumptions pertain to such conduct or action that is put into effect being consistent with practice and experience. The fundamental assumptions include –

Going concern assumption: Enterprise retains indefinite experience. 

Consistency assumption: Specific accounting practice should be adopted. 

Accrual assumption: Revenues and costs are only recognised when earned or incurred, respectively.

Accounting Bases 

There are two bases of accounting – cash basis and accrual basis.

Accounting Standards 

Accounting standards are formulated by accounting institutions from time to time which specifies uniform practices and rules for financial statements.

Objectives of Accounting Standards 

The main purpose of accounting standards is to bring in a degree of uniformity in accounting policies and practices. The reliability of such statements also increases in that regard. 

With clear accounting standards, manipulations and frauds in statements can be controlled, and the process also becomes easier for auditors.

Different Financial Statements Produced Under IFRS 

Some of the financial statements include – Comprehensive Income Statement, Statement of Financial Position, Statement of Cash Flow, Statement of changes in equity etc.

Advantages of IFRS 

IFRS allows for a global comparison within the financial statements of various companies or institutions. The statements would invariably include country-specific standards. Such information equips investors to make better decisions.

Nature of Accounting Standards 

Accounting standards incorporate such guidelines which lay down an effective framework for framing financial statements. Such standards can be altered from time to time, keeping in with the changing business environment. 

These accounting practices are uniform in nature which leads to further comparability and consistency. Accounting standards are flexible, and an enterprise is also free to adopt any alternative accounting practice. Moreover, accounting standards are mandatory. 

CBSE Class 11 Accountancy Chapter 2 Theory Base of Accounting - Extra Questions to Practice (With Solution Hints)

How would you define ‘Accounting’?

What is GST?

Define - Accrual Basis of Accounting.

What are the benefits of Accounting Standard?

What are the components of GST?

Process of detecting, measuring, collecting, documenting, classifying, analyzing, and conveying financial data.

Destination-based tax

Revenue and cost are recorded when they occur. 

The benefits of Accounting Standard are:

aid in the preparation of financial statements

easier to compare financial accounts

CGST, IGST, SGST

Tips to Study Accountancy Better

Follow these tips which can help you to study Accountancy in a better way:

Accountancy is a subject that demands constant practice. So, practice accountancy practical sums on a regular basis. 

Accountancy will be better understood once you study the concepts given in the chapters well and then proceed with your sums. 

Revise the subject on a regular basis. 

Revise the formulae of accountancy. 

Take help of the revision notes and NCERT study material provided by us. 

While preparing the topic from Accountancy class 11 chapter 2 notes , students have to keep an eye out for all the minute details related to such topics. If a student needs greater clarity, then Vedantu's online classes may prove to be effective. To get started, download the app today!

FAQs on Theory Base of Accounting Class 11 Notes CBSE Accountancy Chapter 2

1. What are the major advantages of IFRS?

International Financial Reporting Standards or IFRS, is explained in class 11 Accounts chapter 2 notes. It includes a definite set of rules for financial statements to remain transparent and consistent all across the world.

Accounts class 11 chapter 2 notes explains the major benefits of IFRS to be – (1) comparability among different financial statements, (2) standardisation, (3) transparency and consistency, (4) accessibility to investments and capital markets.

2. What are the fundamental assumptions of accounting?

Class 11 Accountancy chapter 2 notes indicate some of the major assumptions made in accounting – (1) accrual assumption, (2) conservatism assumption, (3) consistency assumption, (4) economic entity assumption, (5) going concern assumption, (6) reliability assumption, and (7) time period assumption.

3. What are the different objectives of accounting standards?

The objectives of accounting standards as mentioned in Theory Base of Accounting NCERT solutions class 11 are – (1) bringing in uniformity, (2) increasing reliability of statements, (3) simplification of accounting information, (4) prevention of manipulation and fraud. 

Furthermore, such accounting standards help auditors to properly interpret the financial statements in accordance with guidelines, codes and policies.

4. What is the syllabus for accountancy Class 11 apart from Chapter 2?

The syllabus for Class 11 for accounts is divided into 3 parts: parts A, B and C. Part A consists of 2 units. Unit1- Theoretical Framework, Unit2-Accounting Process. Part B also consists of 2 units. Unit3 - Financial statements of sole proprietorship from complete and incomplete records, Unit 4- Computers in accounting. Part C consists of your projects, practicals, and application of the theory in reality. The syllabus provided to you is revised for the session 2024-25 and is per the curriculum provided by CBSE. For more information, visit Vedantu website (vedantu.com). 

5. How to make accountancy notes for Class 11 Chapter 2?

To score high marks in accountancy you have to have an understanding of the basics. Notes are one way to ensure that you study consistently and understand the fundamentals of the chapters. You can make notes by paying attention in class, reading chapters by yourself, and jotting down important terms and definitions. You can also download NCERT notes for Class 11 Accountancy free of cost from the vedantu website (vedantu.com). You can use these as references to make yours or you can straightaway learn from them. 

6. What are the important topics covered in chapter 2 of the class 11 accountancy book?

Chapter 2 is important in accountancy as it holds some of the most prominent and reoccurring terms of the accountancy world. The topics that you should pay attention to are; features of accounting principles, types of accounting principles, fundamental accounting assumptions, accounting bases, accounting standards, objectives of accounting standards, different financial statements produced under IFRS, advantages of IFRS, and nature of accounting standards. While these are topics of major importance, students should also pay attention to minute facts and information mentioned in the chapter as well.

7. How many questions are there in Chapter 2 Of Class 11 Accountancy? 

There are a total of 57 questions for chapter 2 in NCERT solutions. 7-8 questions are based on theory and the rest of the questions are practical questions. There are plenty of numerical questions in NCERT solutions for you to practice from. Solving these questions will improve your understanding of the chapter and application theory in real-life situations. You can refer to CBSE class 11 accountancy chapter 2 revision notes while solving these questions and also get the notes on the vedantu app.

8. How do NCERT solutions help me in Class 11 Accountancy?

If you are looking for a career in the business world, then you need to secure a good grade in accountancy. Most students who have commerce as their stream find accounts a tough nut to crack. NCERT solutions help you to understand the fundamentals of the chapter. NCERT solutions provide you solutions to NCERT exercises with detailed explanations and step by step guide for numerical questions.  NCERT solutions from Vedantu also provides you with extra questions to practice and important questions for examination.

CBSE Study Materials

Accounting Dept. Research Among Most Productive in World

The University of Scranton Accounting Department and its faculty members have once again ranked among the world’s top publishers of education research published in peer-reviewed accounting journals.

The recently published 2023 Brigham Young University Accounting Rankings, which is considered to be the gold standard in accounting disciplines, ranked the University’s Accounting Department No. 11 (tied) in the world for accounting education research published in the most recent six-years.

The 2023 report also ranked Douglas M. Boyle, D.B.A., professor and chair of the Accounting Department and director of the Ph.D. program, No. 5 (tie) in the world for accounting education publication volume in top peer-reviewed accounting journals in the past six years. James F. Boyle, D.B.A., associate professor of accounting and director of the Master of Accountancy program, was ranked No. 25 (tie).

This is the fourth consecutive year that that the University’s Accounting Department was ranked among the top research publishers in the world in the prestigious Brigham Young University Accounting Rankings. The report ranks accounting programs and faculty throughout the world based on their success in publishing in top-tier, peer-reviewed accounting journals. The report is updated annually and includes ranks for specific categories of research and for specific time periods.

“The consistency for which The University of Scranton’s Accounting Department and individual faculty members have been recognized among the best in the world for education research illustrates their commitment to making relevant contributions to the body of knowledge concerning the accounting profession,” said Mark Higgins, Ph.D., dean of the University’s Kania School of Management and professor of accounting. “The Accounting Department, the Kania School of Management, and the University are committed to the pursuit of excellence in teaching, research, and service, and I am proud to say our faculty excel in all three areas.”

In 2020, the Accounting Department and the prolific research of its faculty were recognized by two academic journals including one which ranked it as No. 1 for the number of publications in the leading five accounting practitioner journals.

• TS Grewal Solutions
• Class 11 Accountancy
• Chapter 2 - Accounting Equation

TS Grewal Solutions Class 11 Accountancy Chapter 2 - Accounting Equation

Ts grewal solutions for class 11 accountancy chapter 2:.

TS Grewal Solutions for Class 11 Accountancy Chapter 2- Accounting Equation is a fundamental concept to be studied by the students. Here, we have provided in a simplistic and a step by step method, which is useful for the students to score well in the board exams.

Class 11 TS Grewal Solutions Accountancy Chapter 2:- Download PDF Here

Chapter 1- Accounting Equation defines the below-mentioned concepts:

• Balance Sheet and Income Statement
• Balance in Accounting:
• Fundamental Accounting Equation
• Accounting equation in an Income Statement
• Double-entry bookkeeping system

Ts Grewal Solutions for Class 11 Accountancy Chapter 2- Accounting Equation

Q.1 What will be effect of the following on the Accounting Equation? (i) Started business with cash ₹ 45,000 (ii) Opened a Bank Account with a deposit of ₹ 4,500 (iii) Bought goods from M\s. Sun & Co. for ₹ 11,200

The solution for this question is as follows:

Liabilities = 11,200

Capital = 45,000

Assets = Liabilities + Capital

= 45,000 + 11,200 = 56,200

Q.2 Show the Accounting Equation for the following transactions:

Liabilities = 10,000

Capital = 19,700

Assets = 10,000 + 19,700 = 29,700

Q.3 Show the effect of the following transactions on the Accounting Equation: (i) Started business with cash ₹ 50,000. (ii) Salaries paid ₹ 2,000. (iii) Wages Outstanding ₹ 200. (iv) Interest due but not paid ₹ 100. (v) Rent paid in advance ₹ 150.

Q.4 What will be the effect of the following on the Accounting Equation?

(i) Harish started business with cash ₹ 18,000

(ii) Purchased goods for Cash ₹ 5,000 and on credit ₹ 2,000

(iii) Sold goods for cash ₹ 4,000 (costing ₹ 2,400)

(iv) Rent paid ₹ 1,000 and rent outstanding ₹ 200

Q.5 Prepare Accounting Equation from the following:

(i) Started business with cash ₹ 1,00,000 and Goods ₹ 20,000.

(ii) Sold goods worth ₹ 10,000 for cash ₹ 12,000.

(iii) Purchased furniture on credit for ₹ 30,000.

Q.6 Prepare an Accounting Equation and Balance Sheet on the following basis:

(i) Ajeet started business with cash ₹ 20,000.

(ii) He purchased furniture for ₹ 2,000.

(iii) He paid rent of ₹ 200.

(iv) He purchases goods on credit ₹ 3,000.

(v) He sold goods (cost price ₹ 2,000) for ₹ 5,000 on cash.

The balance sheet is prepared as follows

Q.7 Prepare an Accounting Equation from the following:

(i) Started business with cash ₹ 1,00,000.

(ii) Purchased goods for cash ₹ 20,000 and on credit ₹ 30,000.

(iii) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20%.

Q.8 Develop an Accounting Equation from the following transactions:

Q.9 Prepare an Accounting Equation on the basis of the following transactions:

(i) Started business with cash ₹ 70,000.

(ii) Credit purchase of goods ₹ 18,000.

(iii) Payment made to creditors in full settlement ₹ 17,500.

(iv) Purchase of machinery for cash ₹ 20,000.

(v) Depreciation on machinery ₹ 2,000.

Q.10 Prove that the Accounting Equation is satisfied in all the following transactions of Suresh. Also prepare a Balance Sheet.

(i) Commenced business with cash ₹ 60,000.

(ii) Paid rent in advance ₹ 500.

(iii) Purchased goods for cash ₹ 30,000 and credit ₹ 20,000.

(iv) Sold goods for cash ₹ 30,000 costing ₹ 20,000.

(v) Paid salary ₹ 500 and salary outstanding being ₹ 100.

(vi) Bought motorcycle for personal use ₹ 5,000.

Liabilities = 20,000 + 100 = 20,100

Capital = 64,400

Assets = 64,400 + 20,100 = 84,500

Balance sheet is prepared as follows

Q.11 Show the effect of the following transactions and also prepare a Balance Sheet:

(i) Started business with cash ₹ 60,000.

(ii) Rent received ₹ 2,000.

(iii) Accrued interest ₹ 500.

(iv) Commission received in advance ₹ 1,000.

(v) Amount withdrawn ₹ 5,000.

Q.12 Prove that the Accounting Equation is satisfied in all the following transactions of Sameer Goel:

(i) Started business with cash ₹ 10,000.

(ii) Paid rent in advance ₹ 300.

(iii) Purchased goods for cash ₹ 5,000 and credit ₹ 2,000.

(iv) Sold goods for cash ₹ 8,000 costing ₹ 4,000.

(v) Paid salary ₹ 450 and salary outstanding being ₹ 100.

(vi) Bought motorcycle for personal use ₹ 3,000.

Liabilities = 2000 + 100 = 2100

Capital = 10,450

Assets = 10,450 + 2100 = 12,550

Q.13 Show the Accounting Equation on the basis of the following transactions and present a Balance Sheet on the last new equation balance:

Q.14 Raghunath had the following transactions in an accounting year:

(i) Commenced business with cash ₹ 50,000.

(ii) Paid into bank ₹ 10,000.

(iii) Purchased goods for cash ₹ 20,000 and credit ₹ 30,000.

(iv) Sold goods for cash ₹ 40,000 costing ₹ 30,000.

(v) Rent paid ₹ 500.

(vi) Rent outstanding ₹ 100.

(vii) Bought furniture ₹ 5,000 on credit.

(viii) Bought refrigerator for personal use ₹ 5,000.

(ix) Purchased motorcycle for cash ₹ 20,000.

Create an Accounting Equation to show the effect of the above and also show his Balance Sheet.

Q.15 Prepare an Accounting Equation from the following:

(i) Started business with cash ₹ 50,000 and goods ₹ 30,000.

(ii) Purchased goods for cash ₹ 30,000 and on credit from Karan ₹ 20,000.

(iii) Goods costing ₹ 40,000 were sold for ₹ 55,000.

(iv) Withdrew cash for personal use ₹ 10,000.

(v) Rent outstanding ₹ 2,000.

Q.16 Show an Accounting Equation for the following transactions:

(i) D. Mahapatra commenced business with cash ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000.

(ii) 1/3rd of above goods sold at a profit of 10% on cost and half of the payment is received in cash.

(iii) Depreciation on machinery provided @ 10%.

(iv) Cash withdrawn for personal use ₹ 10,000.

(v) Interest on drawings charged @ 5%.

(vi) Goods Sold to Gupta for ₹ 10,000 and received a Bill Receivable for the same amount for 3 months.

(vii) Received ₹ 10,000 from Gupta against the Bills Receivable on its maturity.

Q.17 Prepare Accounting Equation from the following:

(a) Started business with cash ₹ 1,00,000.

(b) Purchased goods for cash ₹ 20,000 and on credit ₹ 30,000.

(c) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20%.

(d) Paid salaries ₹ 8,000.

Q.18 Show the accounting equation on the basis of following transactions:

(a) Ram started business with ₹ 25,000.

(b) Purchased goods from Shyam ₹ 10,000.

(c) Sold goods to Sohan costing ₹ 1,500 for ₹ 1,800.

Q.19 If the capital of a business is ₹ 3,00,000 and liabilities are ₹ 50,000, loss ₹ 70,000, calculate the total assets of the business.

Q.20 If total assets of a business are ₹ 1,30,000 and net worth is ₹ 80,000, calculate the creditors.

Q.21 A commenced his cloth business on 1st April, 2018 with a capital of ₹ 30,000. On 31st March 2019, his assets were worth ₹ 50,000 and liabilities of ₹ 10,000. Find out his closing capital and profits earned during the year.

Here Capital = 30,000

Assets = 50,000

Q.22 If capital of a business is ₹ 1,40,000 and liabilities are of ₹ 80,000, calculate the total assets of the business.

Here Capital = 1,40,000

Liabilities = 80,000

Q.23 Calculate the total assets if:

(i) Capital is ₹ 40,000.

(ii) Creditors are ₹ 25,000.

(iii) Revenue during the period is ₹ 50,000.

(iv) Expenses during the period are ₹ 40,000.

Here Capital = 40,000

Creditors = 25,000

Revenue = 50,000

Expenses = 40,000

Q.24 (a) A had a capital of ₹ 75,000 on 1st April, 2018. He had also goods amounting to ₹ 15,000 which he had purchased on credit and the payment had not been made. Find out the value of the total assets of the business.

(b) After a period of one month, he came to know that he had suffered a loss of ₹ 1,700. He withdrew ₹ 800 for his personal use. Find out his capital and assets of the business.

Q.25 (a) Mohan started a business on 1st April, 2018 with a capital of ₹ 10,000 and borrowed ₹ 3,000 from a friend. He earned a profit of ₹ 5,000 during the year ended 31st March, 2019 and withdrew cash ₹ 4,000 for personal use. What is his capital on 31st March, 2019?

(b) Mahesh started a business with a capital of ₹ 15,000 on 1st April, 2018. During the year, he made a profit of ₹ 3,000. He owes ₹ 2,500 to suppliers of goods. What is the total of assets in his business on 31st March, 2019?

Q.26 Mohan started a business on 1st April, 2018 with a capital of ₹ 25,000 and a loan of ₹ 12,500 borrowed from Shyam. During 2018-19 he had introduced additional capital of ₹ 12,500 and had withdrawn ₹ 7,500 for personal use. On 31st March, 2019 his assets were ₹ 75,000. Find out his capital as on 31st March, 2019 and profit made or loss incurred during the year 2018-19.

Q.27 On 31st March, 2019, the total assets and external liabilities were ₹ 2,00,000 and ₹ 6,000 respectively. During the year, the proprietor had introduced capital of ₹ 20,000 and withdrawn ₹ 12,000 for personal use. He made a profit of ₹ 20,000 during the year. Calculate the capital as on 1st April, 2018.

Q.28 Show an Accounting Equation on the basis of the following transactions:

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