Accountancy

Class 11
  • 13
    Lectures
  • 00:13:00
    Duration

Course description

  • Class-XI (2021-22)
  • The course in accountancy is introduced at plus two-stage of the senior second of school education, as the formal commerce education is provided after ten years of schooling. With the fast-changing economic scenario, accounting as a source of financial information has carved out a place for itself at the senior secondary stage. Its syllabus content provide students a firm foundation in basic accounting concepts and methodology and also acquaint them with the changes taking place in the preparation and presentation of financial statements in accordance to the applicable accounting standards and the Companies Act 2013. 


Part A: Financial Accounting - I (50 Marks)

Chapter 1 Introduction to Accounting

 1.1 Meaning of Accounting

1.2 Accounting as a Source of Information 

1.3 Objectives of Accounting

1.4 Role of Accounting

1.5 Basic Terms in Accounting

Chapter 2 Theory Base of Accounting 

2.1 Generally Accepted Accounting Principles (GAAP)

2.2 Basic Accounting Concepts

2.3 Systems of Accounting

2.4 Basis of Accounting 

2.5 Accounting Standards

Chapter 3 Recording of Transactions - I 

3.1 Business Transactions and Source Document

3.2 Accounting Equation

3.3 Using Debit and Credit 

3.4 Books of Original Entry 

3.5 The Ledger

3.6 Posting from Journal

Chapter 4 Recording of Transactions - II 

4.1 Cash Book

4.2 Purchases (Journal) Book

4.3 Purchases Return (Journal) Book

4.4 Sales (Journal) Book

4.5 Sales Return (Journal) Book 

4.6 Journal Proper

4.7 Balancing the Accounts

Chapter 5 Bank Reconciliation Statement

5.1 Need for Reconciliation

5.2 Preparation of Bank Reconciliation Statement 

Chapter 6 Trial Balance and Rectification of Errors

6.1 Meaning of Trial Balance

6.2 Objectives of Preparing the Trial Balance 

6.3 Preparation of Trial Balance

6.4 Significance of Agreement of Trial Balance

6.5 Searching of Errors

6.6 Rectification of Errors

Chapter 7 Depreciation, Provisions and Reserves

7.1 Depreciation 

7.2 Depreciation and other Similar Terms

7.3 Causes of Depreciation

7.4 Need for Depreciation

7.5 Factors Affecting the Amount of Depreciation

7.6 Methods of Calculating Depreciation Amount

7.7 Straight Line Method and Written Down Method:  A Comparative Analysis

7.8 Methods of Recording Depreciation

7.9 Disposal of Asset

7.10 Effect of any Addition or Extension to the  Existing Asset

7.11 Provisions

7.12 Reserves

7.13 Secret Reserve

Chapter 8 Bill of Exchange

8.1 Meaning of Bill of Exchange

8.2 Promissory Note

8.3 Advantages of Bill of Exchange

8.4 Maturity of Bill

8.5 Discounting of Bill

8.6 Endorsement of Bill

8.7 Accounting Treatment

8.8 Dishonour of a Bill

8.9 Renewal of the Bill

8.10 Retiring of the Bill 

Accountancy Part II

Chapter 9 Financial Statements - I

9.1 Stakeholders and their Information Requirements

9.2 Distinction between Capital and Revenue

9.3 Financial Statements

9.4 Trading and Profit and Loss Account

9.5 Operating Profit (EBIT)

9.6 Balance Sheet

9.7 Opening Entry

Chapter 10 Financial Statements - II

10.1 Need for Adjustments

10.2 Closing Stock

10.3 Outstanding Expenses

10.4 Prepaid Expenses 

10.5 Accrued Income

10.6 Income Received in Advance 

10.7 Depreciation

10.8 Bad Debts 

10.9 Provision for Bad and Doubtful Debts 

10.10 Provision for Discount on Debtors 

10.11 Manager’s Commission 

10.12 Interest on Capital

Chapter 11 Accounts from Incomplete Records 

11.1 Meaning of Incomplete Records

11.2 Reasons of Incompleteness and Its Limitations 

11.3 Ascertainment of Profit or Loss

11.4 Preparing Trading and Profit and Loss Account and the Balance Sheet

Chapter 12 Applications of Computers in Accounting

12.1 Meaning and Elements of Computer System

12.2 Capabilities of Computer System 

12.3 Limitations of a Computer System

12.4 Components of Computer

12.5 Evolution of Computerised Accounting

12.6 Features of Computerised Accounting System 

12.7 Management Information System and Accounting Information System

Chapter 13 Computerised Accounting System

13.1 Concept of Computerised Accounting System

13.2 Comparison between Manual and Computerised

Accounting 13.3 Advantages of Computerised Accounting System

13.4 Limitations of Computerised Accounting System

13.5 Sourcing of Accounting Software 486 13.6 Generic Considerations before Sourcing an Accounting Software

Automation of Accounting Process. Meaning

Stages in automation

(a) Accounting process in a computerised environment; comparison between manual accounting process and Computerised accounting process.

(b) Sourcing of accounting Software; kinds of software: readymade software; customised software and tailor-made software; Generic Considerations before sourcing accounting software

(c) Creation of Account groups and hierarchy

(d) Generation of reports -Trial balance, Profit and Loss account and Balance Sheet.


TERM – 1 (MCQ BASED QUESTION PAPER) of 40 marks of 90 minutes duration

Part A: FINANCIAL ACCOUNTING-

UNIT 1 THEORETICAL FRAMEWORK: 

1 INTRODUCTION TO ACCOUNTING

2 THEORY BASE OF ACCOUNTING

UNIT 2 ACCOUNTING PROCESS: 

RECORDING OF BUSINESS TRANSACTIONS, BANK RECONCILIATION STATEMENT, DEPRECIATION, PROVISIONS AND RESERVES

Project Work (Part -1): 10 Marks

TERM II  Subjective based Question Paper of 40 marks of 2 hrs

Part A

UNIT 2 ACCOUNTING PROCESS:

1 ACCOUNTING FOR BILLS OF EXCHANGE 

2 TRIAL BALANCE AND RECTIFICATION OF ERRORS

Part B:

FINANCIAL ACCOUNTING-II

UNIT 3 FINANCIAL STATEMENTS OF SOLE PROPRIETORSHIP FROM COMPLETE AND INCOMPLETE RECORDS

UNIT 4 COMPUTERS IN ACCOUNTING 

Project Work (Part -2): 10 Marks

The scope of the unit is to understand accounting as an information system for the generation of accounting information and preparation of accounting reports.

It is presumed that the working knowledge of any appropriate accounting software will be given to the students to help them learn basic accounting operations on computers


Part C: Project Work 

Any One:


Collection of Source Documents, Preparation of Vouchers, Recording of Transactions with the help of vouchers.

Preparation of Bank Reconciliation Statement with the given cash book and the pass book with twenty to twenty-five transactions.

Comprehensive project starting with journal entries regarding any sole proprietorship business, posting them to the ledger and preparation of Trial balance.The students will then prepare Trading and Profit and Loss Account on the basis of the prepared trial balance. Expenses, incomes and profit (loss) are to be depicted using pie chart / bar diagram.

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ACCOUNTANCY, CLASS XI

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