FinancialAccountingI. NCERT/CBSE class 11 Accountancy book FinancialAccountingI. Contain Page. NCERT/CBSE class 11 Accountancy book. Download Accountancy Text Books In Hindi and English Medium in Pdf CBSE Borad Exams For Class 11 to Subject- Accountancy. NCERT Class XI Accountancy Book Click Here for Class XI All NCERT Books NextNCERT Class XI Biology: Chapter 18 - Body fluids and circulation┬╗.

Author:SHANTI WIENEKE
Language:English, Spanish, Japanese
Country:Tajikistan
Genre:Technology
Pages:631
Published (Last):09.04.2016
ISBN:728-2-53731-897-1
Distribution:Free* [*Register to download]
Uploaded by: GALINA

60671 downloads 184012 Views 30.85MB ePub Size Report


11th Account Book

NCERT Accountancy Book download for Class 11 and 12 in English and Hindi Medium. Students can also download the NCERT Textbooks. Double Entry Book Keeping Ts Grewal Textbook Solutions for Class commerce ACCOUNTANCY. Homework Help with Chapter-wise solutions and. Class 11th Accountancy English Medium books for CBSE and all English medium state boards in India with unique features which are not available in any .

But, todays rapidly changing business environment has forced the accountants to reassess their roles and functions both within the organisation and the society. The role of an accountant has now shifted from that of a mere recorder of transactions to that of the member providing relevant information to the decision-making team. Broadly speaking, accounting today is much more than just bookkeeping and the preparation of financial reports. Accountants are now capable of working in exciting new growth areas such as: forensic accounting solving crimes such as computer hacking and the theft of large amounts of money on the internet ; ecommerce designing web-based payment system ; financial planning, environmental accounting, etc. This realisation came due to the fact that accounting is capable of providing the kind of information that managers and other interested persons need in order to make better decisions. This aspect of accounting gradually assumed so much importance that it has now been raised to the level of an information system. As an information system, it collects data and communicates economic information about the organisation to a wide variety of users whose decisions and actions are related to its per for mance.

Depending upon the size of activities and level of business operation, it can be a sole-proprietory concern, partnership firm, cooperative society, company, local authority, municipal corporation or any other association of persons.

Many users need financial information in order to make important decisions. These users can be divided into two broad categories: internal users and external users. Since the primary function of accounting is to provide useful information for decision-making, it is a means to an end, with the end being the decision that is helped by the availability of accounting information. You will study about the types of accounting information and its users later in this chapter.

Class 11: Accountancy

They may compare the financial analysis of their company with the industry figures in order to ascertain the companys strengths and weaknesses. Every step in the process of accounting generates information.

Generation of information is not an end in itself. It is a means to facilitate the dissemination of information among different user groups. Such information enables the interested parties to take appropriate decisions.

Therefore, dissemination of information is an essential function of accounting. To be useful, the accounting information should ensure to: provide information for making economic decisions; serve the users who rely on financial statements as their principal source of information; provide information useful for predicting and evaluating the amount, timing and uncertainty of potential cash-flows; provide information for judging managements ability to utilise resources effectively in meeting goals; Introduction to Accounting provide factual and interpretative information by disclosing underlying assumptions on matters subject to interpretation, evaluation, prediction, or estimation; and provide information on activities affecting the society.

Test Your Understanding - I Complete the following sentences with appropriate words: a Information in financial reports is based on The role of an accountant in generating accounting information is to observe, screen and recognise events and transactions to measure and process them, and thereby compile reports comprising accounting information that are communicated to the users. These are then interpreted, decoded and used by management and other user groups.

It must be ensured that the information provided is relevant, adequate and reliable for decision-making. The apparently divergent needs of internal and external users of accounting information have resulted in the development of sub-disciplines within the accounting discipline namely, financial accounting, cost accounting and management accounting refer box 3. Financial accounting assists keeping a systematic record of financial transactions the preparation and presentation of financial reports in order to arrive at a measure of organisational success and financial soundness.

It relates to the past period, serves the stewardship function and is monetary in nature. It is primarily concerned with the provision of financial information to all stakeholders. Cost accounting assists in analysing the expenditure for ascertaining the cost of various products manufactured or services provided by the firm and Accountancy fixation of prices thereof.

Download NCERT/CBSE Book: Class Accountancy: FinancialAccountingI

It also helps in controlling the costs and providing necessary costing information to management for decision-making. Management accounting deals with the provision of necessary accounting information to people within the organisation to enable them in decision-making, planning and controlling business operations.

Management accounting draws the relevant information mainly from financial accounting and cost accounting which helps the management in budgeting, assessing profitability, taking pricing decisions, capital expenditure decisions and so on.

Besides, it generates other information quantitative and qualitative, financial and non-financial which relates to the future and is relevant for decision-making in the organisation.

NCERT Class XI Accountancy Book

Such information includes: sales forecast, cash flows, download requirement, manpower needs, environmental data about effects on air, water, land, natural resources, flora, fauna, human health, social responsibilities, etc. As a result, the scope of accounting has become so vast, that new areas like human resource accounting, social accounting, responsibility accounting have also gained prominance.

Lets Do It Many People in todays society think of an accountant as simply a glorified bookkeeper. But the role of an accountant is continually changing. Discuss in the classroom what really the role of accounting is? In order to assess whether accounting information is decision useful, it must possess the characteristics of reliability, relevance, understandability and comparability. Reliability Reliability means the users must be able to depend on the information.

The reliability of accounting information is determined by the degree of correspondence between what the information conveys about the transactions or events that have occurred, measured and displayed. A reliable information should be free from error and bias and faithfully represents what it is meant to represent. To ensure reliability, the information disclosed must be credible, verifiable by independent parties use the same method of measuring, and be neutral and faithful refer figure 1.

Introduction to Accounting Box 3 Branches of Accounting The economic development and technological improvements have resulted in an increase in the scale of operations and the advent of the company form of business organisation. This has made the management function more and more complex and increased the importance of accounting information.

Now Read, copy, highlight, share with friends, day night mode of reading. View details. Flag as inappropriate. See more. Sanjeev Mehta. Class 11 Notes Offline. Fully Offline. Basic Accounting. Accountancy Short Notes. Journal Entry. Credit comes from the Italian credito which comes from the Latin credo which means trust or belief in the proprietor or owed by the proprietor. In explaining double entry system, Pacioli wrote that All entries have to be double entries, that is if you make one creditor, you must make some debtor.

He also stated that a merchants responsibility include to give glory to God in their enterprises, to be ethical in all business activities and to earn a profit.

He discussed the details of memorandum, journal, ledger and specialised accounting procedures. An economic event is known as a happening of consequence to a business organisation which consists of transactions and which are measurable in monetary terms.

For example, download of machinery, installing and keeping it ready for manufacturing is an event which comprises number of financial transactions such as downloading a machine, transportation of machine, site preparation for installation of a machine, expenditure incurred on its installation and trial runs. Thus, accounting identifies bunch of transactions relating to an economic event. If an event involves transactions between an outsider and an organisation, these are known as external events.

The following are the examples of such transactions: Sale of Reebok shoes to the customers. Rendering services to the customers by Videocon Limited. download of materials from suppliers.

Payment of monthly rent to the landlord. An internal event is an economic event that occurs entirely between the internal wings of an enterprise, e. It involves observing activities and selecting those events that are of considered financial character and relate to the organisation. The business transactions and other economic events therefore are evaluated for deciding whether it has to be recorded in books of account.

For example, the value of human resources, changes in managerial policies or appointment of personnel are important but none of these are recorded in books of account.

However, when a company makes a sale or download, whether on cash or credit, or pays salary it is recorded in the books of account. Measurement : It means quantification including estimates of business transactions into financial terms by using monetary unit, viz. If an event cannot be quantified in monetary terms, it is not considered for recording in financial accounts. That is why important items like the appointment of a new managing director, signing of contracts or changes in personnel are not shown in the books of accounts.

Recording : Once the economic events are identified and measured in financial terms, these are recorded in books of account in monetary terms and in a chronological order. Recording is done in a manner that the necessary financial Introduction to Accounting information is summarised as per well-established practice and is made available as and when required. Communication : The economic events are identified, measured and recorded in order that the pertinent information is generated and communicated in a certain form to management and other internal and external users.

The information is regularly communicated through accounting reports. These reports provide information that are useful to a variety of users who have an interest in assessing the financial performance and the position of an enterprise, planning and controlling business activities and making necessary decisions from time to time. The accounting information system should be designed in such a way that the right information is communicated to the right person at the right time.

Reports can be daily, weekly, monthly, or quarterly, depending upon the needs of the users. An important element in the communication process is the accountants ability and efficiency in presenting the relevant information. Depending upon the size of activities and level of business operation, it can be a sole-proprietory concern, partnership firm, cooperative society, company, local authority, municipal corporation or any other association of persons.

Many users need financial information in order to make important decisions. These users can be divided into two broad categories: internal users and external users. Since the primary function of accounting is to provide useful information for decision-making, it is a means to an end, with the end being the decision that is helped by the availability of accounting information. You will study about the types of accounting information and its users later in this chapter.

They may compare the financial analysis of their company with the industry figures in order to ascertain the companys strengths and weaknesses. Every step in the process of accounting generates information. Generation of information is not an end in itself.

It is a means to facilitate the dissemination of information among different user groups.