NCERT Solutions Class 11 Accountancy Chapter 1 Introduction to Accounting

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.

Tags:

Click for more Accountancy Study Material

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

Critical notice issued by CBSE relating to Boards and other classes

Critical notice issued by CBSE relating to Boards and other classes

Checking of Boards Answer sheets starts today

CBSE has instructed almost 3000 schools to start the evaluation work for class 10th and class 12th board exam answer sheets from today. The checking of answer sheets for class 10th and class 12th was stopped earlier due to covid crisis in the country. Now in order to...

Board Exams FAQs released by CBSE

CBSE has released very important FAQs for class 10 and class 12 students who have given the board exams. Students have been coming up with lot of queries and have lot of questions relating to what are the next steps of CBSE. The following FAQs by CBSE will help to...

Live session by CBSE Experts for holistic wellbeing

CBSE and Fit India Mission have collaborated to provide live sessions by experts covering a range of topics for holistic well-being of school going children, which will include simple actionable tips around Basic Exercises, Nutrition, Yoga & Meditation, boosting...

Class 12 Board Exams Datesheet Announced

CBSE has announced the datesheet of the remaining class 12 board exams, see below:

Applied Mathematics Introduced by CBSE as Elective for Class 11 and Class 12

Mathematics Syllabus Revised by CBSE at the Senior Secondary Level! The Central Board of Secondary Education (CBSE) to offer 'Applied Mathematics' as an Elective for XI and XII standard students. The elective subject, Applied Mathematics, is focused at evolving an...

×