NCERT Solutions Class 11 Accountancy Chapter 1 Introduction to Accounting

Scroll down for PDF

NCERT Solutions Class 11 Accountancy Chapter 1 Introduction to Accounting. The NCERT solutions for Class 11 Mathematics have been made by Mathematics teacher of one of the best CBSE school in India. These NCERT solutions have been made to give detailed answers and expanations of the concepts as per NCERT which can be easily understood by the students. Refer to other links also to download mathematics NCERT solutions, worksheets, sample papers and Exemplar Solutions. 

Class 11 Accountancy

NCERT Solutions

Chapter 1 Introduction to Accounting

Q1. Define accounting.

Answer : Accounting is a process of identifying the events of financial nature, recording them in Journal, classifying in their respective ledgers, summarising them in Profit and Loss Account and Balance Sheet and communicating the results to the users of such information, viz. owner/s, government, creditors, investors etc.According to the American Institute of Certified Accountants, 1941, “Accounting is an art of recording, classifying and summarising in a significant manner and in terms of money transactions and events that are, in part at least, of a financial character and interpreting the results thereof.”

Q2. State what is end product of financial accounting?

Answer :Income statements (Trading and/or Profit and Loss Account)- An income statement that includes Trading and Profit and Loss Account, ascertains the financial results of a business in terms of gross (or net) profit or loss. Balance Sheet- It depicts the true financial positions of a business that provides required information like assets and liabilities of a business firm, to the users of accounting information like owners, creditors, investors, government, etc.

Q3. Enumerate main objectives of accounting.

Answer : 1. The main objectives of accounting are given below.

2. To keep a systematic record of all business transactions

3. To determine the profit earned or loss incurred during an accounting period by preparing profit and loss account. 

4. To ascertain the financial position of the business at the end of each accounting period by.

Please click the link below to download NCERT Solutions Class 11 Accountancy Chapter 1 Introduction to Accounting.

Tags: 


Click on the text For more study material for Accountancy please click here - Accountancy

Latest NCERT & CBSE News

Read the latest news and announcements from NCERT and CBSE below. Important updates relating to your studies which will help you to keep yourself updated with latest happenings in school level education. Keep yourself updated with all latest news and also read articles from teachers which will help you to improve your studies, increase motivation level and promote faster learning

5 Signs Why Your Child Needs a Tutor

Is your child struggling at school? Are they leaving assignments incomplete? When it comes to education every student is different. Some children do well with the help of the teacher at school and an active parent while others need extra help. When children have...

CBSE class 10, 12 board exam important information

CBSE class 10, 12 board exam: important information to prevent problems for students : The Central Board of Secondary Education (CBSE) has issued an advisory for the students of class 10 and class 12 board. As per the notice, the registration of students appearing in...

CBSE Board Exams 2020 Attendance rules revised for Class 10 and 12 students

CBSE Board Exams 2020: Attendance rules revised for Class 10, 12 students : The Central Board of Secondary Education (CBSE) has announced new rules to deal with the cases of short attendance of students of all its affiliated schools. The board has issued a set of...

Class 10 and 12 exam 2020 application process for private candidates

CBSE 10th, 12th exam 2020 application process for private candidates begins to apply by 30th Sept at cbse.nic.in CBSE Board Exam 2020 application begins: The Central Board of Secondary Education (CBSE) has officially started the online application process for the...

CBSE Registration 2019-2020

CBSE Registration 2019-2020: Check latest rules for students' registration in class IX and XI The Central Board of Secondary Education (CBSE) has changed the registration rules for class 9 to streamline the processes related to examinations in a time-efficient manner...

CBSE and Microsoft join hands to build capacity for AI learning for schools

Central Board of Secondary Education and Microsoft join hands to build capacity for AI learning for schools : The officials from the Central Board of Secondary Education have announced that they have partnered with Microsoft India to conduct several capacity building...

×
Studies Today