Profile Photo

Introduction to Accounting for Class 11 Accountancy : Chapter -1

Introduction to Accounting Chapter -1 for Class 11 Accountancy

Introduction to Accounting for Class 11 Accountancy : Chapter -1

Accounts Class 11 : In this article, we will talk about Introduction to Accounting from Class 11 Accountancy. This will enable us to understand the meaning of accounting, accounting process, functions and limitation of accounting.

Before understanding the accounting we will first discuss the important terms related to this topic as it is a new beginning for Class 11 Commerce students.

Click CBSE Class 11 classes  for recorded lectures by experts.

Key terms For Class 11

  1. Accounting-The process of categorizing, measuring, collecting, recording, classifying, summarising, analyzing and communicating financial information to the users.
  2. Book keeping-Book keeping is the process of recording financial transactions in a systematic manner and classifying them into ledgers. Bookkeeping comprises of
    1. Identifying financial transactions and events
    2. Measure them in terms of money
    3. Recording the identified financial transactions and events in the books of account
    4. Classifying, posting them into ledger accounts
  3. Accountancy- Accountancy is a systematic knowledge of accounting .in other words it tells us how to maintain the books of accounts.
  4. Trading and Profit and loss account- Trading and Profit and loss account show the profit earned or loss incurred by the enterprise during the accounting year.
  5. Balance sheet- Balance sheet is the statement which shows the financial position of the enterprise on a particular date.
  6. Accounting information- Accounting information is used for forecasting, comparing and evaluating financial performance and position. It also helps in taking economic decisions.
  7. Double entry System of Accounting- It is a system of accounting whereby both debit and credit aspects of the transaction are recorded.
  8. Accounts from incomplete records- It is a system under which both aspects of the transactions are not recorded in all the cases. In some cases, both aspects are recorded, while in others either one aspect is recorded or transaction is not recorded at all.

As per American Institute of Certified Public Accountants

Accounting is the art of recording, classifying and summarising 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 result thereof.”

Click Class 11 Accountancy classes  for live/online/offline recorded classes for Class 11 Commerce.

Takshila Learning offers various courses from school to professional. We provide these courses through various modes as live classes, online classes, offline classes (pen drive, DVD, smartphones, Tablets). Check out more details, register with us or call our customer care center.

Follow us on Blogarama

Follow us on Pinterest

Follow us on a Social media

Introduction to Accounting  for Class 11 Accountancy : Chapter -1 Introduction to Accounting  for Class 11 Accountancy : Chapter -1 Introduction to Accounting  for Class 11 Accountancy : Chapter -1 Introduction to Accounting  for Class 11 Accountancy : Chapter -1Introduction to Accounting  for Class 11 Accountancy : Chapter -1

Follow us on Blogarama

Call us: 8800999280/8800999284 or fill the form for any other details:

No comments, be the first one to comment !

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    © 2015-17 Takshila Learning. All Rights Reserved.
    Request Callback
    close slider
    For course & fee related queries, Leave your details and our counsellor will get back to you or Call us at 8800-999-280
    • This field is for validation purposes and should be left unchanged.