India · CBSE Learning Outcomes
Class 11 Accountancy.
This course introduces students to the fundamental principles and processes of accounting as per the CBSE curriculum. It covers the theoretical framework, recording of business transactions, preparation of financial statements, and the application of computers in accounting.
01Theoretical Framework
An introduction to the basic concepts, principles, and terminology of accounting that form the foundation of financial reporting.
Understand the meaning, objectives, and basic accounting terms used in business. This lays the foundation for all subsequent accounting practices.
Explore the Generally Accepted Accounting Principles (GAAP) and fundamental accounting assumptions. These concepts ensure consistency and reliability in financial reporting.
Differentiate between cash and accrual bases of accounting. Introduce Indian Accounting Standards (Ind-AS) and the basic characteristics of Goods and Services Tax (GST).
02Accounting Process
A comprehensive guide to the accounting cycle, from recording journal entries to preparing ledger accounts and bank reconciliation statements.
Learn the rules of debit and credit and the process of recording transactions in the Journal. Understand how to post these entries into the Ledger.
Prepare various subsidiary books including the Cash Book, Purchases Book, and Sales Book. This streamlines the recording of repetitive transactions.
Understand the need for and preparation of a Bank Reconciliation Statement (BRS). This process identifies discrepancies between the cash book and bank passbook.
Calculate depreciation using Straight Line and Written Down Value methods. Differentiate between provisions and reserves and their respective accounting treatments.
03Financial Statements of Sole Proprietorship
Techniques for preparing final accounts to ascertain the financial performance and position of a sole proprietorship business.
Prepare the Trading Account, Profit and Loss Account, and Balance Sheet for a sole proprietorship. This determines the gross profit, net profit, and financial position.
Incorporate adjustments such as closing stock, outstanding expenses, and prepaid expenses into financial statements. This ensures adherence to the accrual concept.
Ascertain profit or loss using the statement of affairs method for businesses not maintaining double-entry records. Understand the limitations of the single-entry system.
04Computers in Accounting
An overview of how modern technology and software are utilized to automate and manage accounting processes.
Explore the components, features, and advantages of a Computerised Accounting System. Compare manual accounting processes with computerised ones.
Understand the different types of accounting software such as ready-to-use, customised, and tailor-made. Learn how to select the appropriate software for a business.
Introduce the concepts of DBMS and its application in structuring accounting data. Learn about entity-relationship models and basic data processing.