Accountancy

Accountancy is the process of measuring, processing and recording an organization’s financial and non-financial statements. It has a wider scope than Accounting as it is the route to the Accounting process. Accountancy is responsible for prescribing the accounting conventions, principles, and techniques to be followed by an organization during the accounting process. The nature of Accounting is dynamic and analytical and hence, requires special abilities and skills in an individual to interpret the information better and effectively. 

Accountancy Class XI

PART – A

Chapter 1: Introduction to Accounting

1. Introduction to Accounting
2. Types and Users of Accounting Information
3. Difference between Bookkeeping and Accounting
4. Accounting: Objectives, Characteristics, Advantages, Disadvantages and Role of Accounting
5. Basic Accounting Terms
6. Difference between Accounting and Accountancy

Chapter 2: Theory Base of Accounting

1. Accounting Standards: Need, Benefits, Limitations and Applicability
2. IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles)
3. Difference between Cash Basis and Accrual Basis of Accounting
4. Basic Accounting Concepts
5. Systems and Basis of Accounting | Single and Double Entry System

Chapter 3: Recording of Business Transactions

1. What is an Accounting Voucher? Explain the Types of Vouchers.
2. Introduction to Accounting Equation
3. Accounting Equation | Increase in Assets and Capitals both and Increase in Assets and Liability both
4. Accounting Equation | Decrease in Assets and Capital both and Decrease in Asset and Liability both
5. Accounting Equation|Decrease in Capital and Increase in the Liability, Decrease in Liability and Increase in the Capital and Increase and Decrease in Assets
6. Accounting Equation|Sale of Goods and Calculation of Net Worth (Owner’s Equity) Or Capital
7. Journal Entries
8. Rules of Journal Entry