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Descriptions for Class 11 Accountancy Chapters
1. Meaning, Objectives, Scope and Nature of Accounting
Introduces accounting, its objectives, and scope. Explains how accounting helps record, classify, summarize, and communicate financial information to stakeholders for decision-making and legal compliance.
2. Basic Accounting Terms
Covers fundamental terms like assets, liabilities, capital, revenue, expenses, and profit. These terms form the building blocks of understanding and applying accounting concepts correctly.
3. Accounting Principles
Explains the basic rules and guidelines like the going concern, matching, consistency, and accrual concepts used for accurate and standardized financial reporting.
4. Process and Bases of Accounting
Describes the accounting cycle, from identifying transactions to preparing financial statements. Also explains cash and accrual basis of accounting methods.
5. Accounting Standards
Introduces standard principles and guidelines issued by authorities to ensure consistency, transparency, and comparability in financial statements across different organizations.
6. Accounting Equations
Explains the core accounting equation: Assets = Liabilities + Capital. Helps understand how every transaction impacts the financial position of a business.
7. Double Entry System
Describes the principle that every transaction has two effects — debit and credit. Forms the base of modern accounting practices and ledger entries.
8. Origin of Transactions: Source Documents of Accountancy
Focuses on source documents like invoices, bills, receipts, and vouchers that serve as proof of financial transactions and are the basis for recording.
9. Books of Original Entry – Journal
Teaches how transactions are initially recorded chronologically in the journal with proper narration, date, and debit-credit formatting.
10. Accounting for Goods & Services Tax (GST)
Explains GST and how it’s accounted for in business transactions. Covers input tax credit and its effect on purchases and sales.
11. Books of Original Entry – Cash Book
Covers different types of cash books (single, double, triple column) used for recording all cash and bank-related transactions.
12. Books of Original Entry – Special Purpose Subsidiary Books
Deals with purchase, sales, return, and bills books designed for high-volume transactions to simplify accounting processes.
13. Ledger
Explains how to classify and post entries from the journal to ledger accounts, which help prepare trial balance and financial statements.
14. Trial Balance and Errors
Discusses how to prepare a trial balance and detect arithmetic errors in ledger accounts before drafting financial statements.
15. Bank Reconciliation Statement
Covers preparing a statement that reconciles differences between the bank passbook and company’s cash book due to timing or errors.
16. Depreciation
Introduces depreciation as the reduction in asset value over time. Explains methods like straight-line and diminishing balance.
17. Provisions and Reserves
Explains the concept of setting aside funds to meet expected liabilities (provisions) and unforeseen events (reserves) in business.
18. Rectification of Errors
Describes types of accounting errors and how to correct them using journal entries without affecting the trial balance integrity.
19. Capital and Revenue
Differentiates between capital and revenue receipts, expenses, and profits. Helps in accurate classification and financial statement preparation.
20. Financial Statements
Explains how to prepare Trading, Profit & Loss Account and Balance Sheet to understand a business’s financial position and performance.
21. Financial Statements – With Adjustments
Teaches how to incorporate adjustments like outstanding expenses, prepaid incomes, and closing stock into final accounts for accurate reporting.
22. Accounts from Incomplete Records
Introduces single entry or incomplete records method used by small businesses. Teaches how to derive financial statements with limited data.
