CBSE Class 12 Accountancy Partnership Fundamentals Notes

CBSE Class 12 Partnership - Partnership – Fundamentals Notes. Learning the important concepts is very important for every student to get better marks in examinations. The concepts should be clear which will help in faster learning. The attached concepts made as per NCERT and CBSE pattern will help the student to understand the chapter and score better marks in the examinations.

Every question of Accountancy signifies one or the other value. Business proceeds ahead with certain values which are quantified by Accountancy. Accountancy is just not figures. On one hand it has intrinsic values and on the other there are moral values imbibed into it. Accounting inherits the following values--- (suggestive not exhaustive)

• Integrity.

• Professional competence with due care

• Commitment to excellence

• Transparency

• Objectivity and independence

• Confidentiality

• Communicating the material information

• Analysis, problem solving and critical thinking

• Admitting errors and rectifying them

• Efficient utilisation of resources

• Commitment to pay its liabilities in time While learning Accountancy it is observed that the child remains upto a level of figure or intrinsic values only. There is a need that the child also appreciates and learns the moral values associated with these figures, imbibes the same in his day to day life and carries the same to his professional life to become a responsible and committed citizen of INDIA. In the following questions an attempt has been made to bring out these values for the teaching learning community to ponder and practice Values are the significant and fundamental dimensions of human life
and indicate how one adheres, attaches and reacts in life situations or circumstances. They are the blue prints or action plan which orient and decide the thinking, action feelings and behavior itself.

• Values does not mean going back to the superstitions but to bring in harmony with the present social and cultural conditions, which are acceptable to the society.

• Values Cannot be scientifically investigated orproven 

• Values affect how we practice 


• Accountability- Responsibility of our actions that influence the lives of our customers and fellow workers.

• Balance- Maintaining Healthy life and work balance for workers.

• Collaboration-Collaborating within and outside the company to give the best.

• Commitment-Commitment to roll great product, service and other initiatives that impact lives both within and outside the organization.

• Community- A sense of responsibility and contribution to society that define our existence.

• Consistency-Be consistent in offering the best for wonderful experience.

• Diversity- Respecting the diversity and giving the best of the composition.

• Efficiency- Being efficient and effective in our approach to give best solution each time.

• Empowerment- Empowering the employees to take initiative and give the best.

• Fun- Having fun and celebrating small successes in our journey to achieve big.

• Innovation- To come out with new creative ideas that have the potential to change the world.

• Integrity-To act with honesty and integrity without compromising the truth.

• Leadership- The courage to lead from front and shape future.

• Ownership- Taking ownership of the company and customer success.

• Passion-Putting the heart and mind in the work to get the best.

• Quality-Giving the best and unmatched results for all round satisfaction.

• Respect-Giving due respect to self and others and maintain the environment of team work and growth.

• Risk Taking- Encouraging self and others to take risk for a bright future.

• Safety- Ensuring the safety of people and making sure to give them trouble free experience.

• Service Excellence- Giving the best and world class service and achieving excellence each passing day.

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