Important Questions for Class 11 Accountancy are created from the latest syllabus of CBSE board. The subject matter experts have done intense research through various examination papers from earlier years and then developed a set of important questions that can be expected in exams. Students are advised to go thoroughly through the given CBSE Class 11 Accountancy chapter-wise important questions along with the solutions. Students will positively benefit from these questions and score good marks in board exams.
Class 11 Accountancy Chapter Wise Questions PDF
Chapter-wise important questions are available on Vedantu’s website in the free PDF format and you can download them on any device at your convenient time. There are plenty of solved Accountancy Extra questions from each and every chapter on the website. You can also enrol with Vedantu if you want extra classes from the teachers.
Class 11 Accountancy
Accountancy is the process of identifying, recording, classifying, summarizing, interpreting and communicating financial information relating to a business entity to the interested users such as shareholders or investors. The objective of accounting is to maintain a systematic and complete record of business transactions in the books of accounts and this work is done by a specialized person who is called an accountant. The following topics unit wise, covered in the CBSE Class 11 Accountancy will give you an insight of what you are going to learn in the subject and how your understanding will grow after completion of every unit.
Unit 1 of CBSE Class 11 Accountancy: It includes an introduction to accounting that covers the basic accounting concepts, objectives, advantages and limitations of accounting and types of accounting. It also includes the qualitative characteristics of accounting information, the role of accounting in business.
In this unit, you will learn basic accounting terms like business transaction, capital, drawings, liabilities, assets, fixed assets and expenditure, expense, income, profits, gains and losses, purchases, sales, goods, stocks, debtors and creditors, vouchers and discounts, etc. Unit 1 of CBSE Class 11 Accountancy also covers GAAP concept, business entity, money measurement, accounting period, cost concept, dual aspect, revenue recognition, systems of accounting.
After going through this unit students will be able to describe the meaning, significance, objectives, advantages and limitations of accounting in the modern economic environment with varied types of business and non-business economic entities. Students will also learn to identify the individual(s) and entities that use accounting information for serving their needs for decision making. The students will be able to explain the various terms used in accounting and differentiate between different related terms like current and non-current capital and revenue.
Students can also explain sales and purchases, the meaning, objective and characteristics of GST after studying the topics in Unit 1.
Unit 2 of CBSE Class 11 Accountancy: It includes topics like the recording of business transactions where students will learn about vouchers and transactions, rules of debit and credit, recording of transactions in journals, cash books, purchase books and sales books. Bank Reconciliation Statement, Depreciation, Provision and Reserves are included in Unit 2 of the syllabus. Accounting for Bills of Exchange, the difference between Bill of Exchange and Promissory Note, term of bill, accommodation bill, trial balance and rectification of errors are included in Unit 2.
After the completion of Unit 2, students will be able to explain the concept of accounting equations, effects of a transaction on the assets, liabilities, capital, revenue and expenses. Students will also develop the understanding of recording of transactions in journals and the skill of calculating GST. Students will be thorough with the concept of maintaining a cash book and develop the skill of preparing different types of cash books, creating reserves, and explaining the method of recording of bill transactions. They will also develop the skill of identification and location of errors and their rectification and preparation of suspense accounts.
Unit 3 of CBSE Class 11 Accountancy: It includes the financial statements of a sole proprietorship. The topics included under this unit are meaning, objectives and importance of revenue receipts, capital receipts, capital expenditure, revenue expenditure and deferred expenditure. Trading and profit & loss account, balance sheet, adjustments in preparation of financial statements and trading and Profit & Loss account and balance sheet of a sole proprietorship.
After completion of Unit 3, students will be able to state the meaning of financial statements and the purpose of preparing them. The concept of gross profit, operating profit and net profit will help the students develop the skill of preparing trading and profit & loss accounts. Students can now explain the need for preparing a balance sheet. They will also develop the understanding and skill of computation of profit/ loss using the statement of affairs method.
Unit 4 of CBSE Class 11 Accountancy: In Unit 4 of CBSE Class 11 Accountancy syllabus, the concept of computers in accounting is introduced where students will learn the need for use of computers in accounting for preparing accounting reports. They will also understand the different kinds of accounting software.
You can download the CBSE Class 11 Accountancy Important Question Papers for each topic and master each and every concept. The Important Question Papers topic wise will definitely help you in scoring good marks.