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DK Goel Solutions Class 11 Accountancy Chapter 5

Last updated date: 17th Apr 2024
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Class 11 DK Goel Solutions Chapter 5 - Accounting Standards and International Financial Reporting Standards (IFRS)

Download DK Goel Solutions for Class 11 Chapter 5 - Accounting Standards and International Financial Reporting Standards (IFRS) Free PDF

DK Goel solutions are considered to be one of the best resources for exam preparation for Class 11 students. It comprises straightforward, step-by-step solutions to numerous questions. Dk Goel Class 11 Accountancy solutions Chapter 5 provides a complete solution for the topic of international financial reporting standards (IFRS). IFRS is a collection of standard rules so that financial statements can be consistent, transparent, and comparable all around the world and this book perfectly explains this topic from an examination point of view so that students can easily comprehend all the theories.

The DK Goel Solutions are now available on the website of Vedantu for free and they are specifically designed for the students who want to pursue their higher academics in Finance and Accountancy. The books can be the best companion for them to score well in the examination. The complicated questions that may seem to be difficult for the students to answer are solved by expert trainers. There are a lot of benefits that the student can avail of by consulting DK Goel Solutions.

DK Goel Solutions For Accountancy Class 11 Chapter 5 - Free PDF Download

Important Topics Class 11 Accountancy DK Goel solution Chapter 5

Class 11 DK Goel solutions accounting standards and international financial reporting standards are drafted by authorities and teachers in Accountancy to provide the latest and important resource for commerce students. Solutions for all the chapters are explained in a very systematic manner so that students can easily follow and understand the solutions.

The main objective of accounting standards and international financial reporting standards is to summarise the financial status of a business enterprise in monetary terms. To compare the financial position of different enterprises, there needs to be a consistent method of preparation of financial statements across all companies. 

What are the International Financial Reporting Standards (IFRS)?

International Financial Reporting Standards (IFRS) started in the European Union, aiming to make business affairs and accounts obtainable across the region, soon the idea expanded globally. IFRS is a set of rules from the regulatory accounting bodies (like ICAI) that are to be followed while preparing and presenting financial statements. Accounting Standards also ensure the authenticity of the information contained in the Financial Statements of the business enterprise. 

International Financial Reporting Standards covers a wide range of accounting activities like a statement of financial position, statement of comprehensive income, statement of changes in equity, etc. IFRS Standards are set by the IFRS Foundation’s regulation body, the International Accounting Standards Board.

To ensure transparency whenever they issue an IFRS Standard or an IFRIC Interpretation, they publicly broadcast live from the main office the meetings, publish agenda papers, and also receive comment letters for the consultation documents.

The Main Goals of the International Financial Reporting Standards are:

  • To bring clarity and transparency in preparing and presenting financial statements by improving the quality of financial information, allowing investors to make informed economic settlements.

  • IFRS Standards help to increase economic efficiency by identifying opportunities and risks across the world for investors. The use of a single commissioned accounting language also helps to lower the per capital cost and reduces international reporting costs for business.

  • IFRS also helps in reducing the information gap among the providers of funds and the bodies to whom they have trusted their capital. 

IFRS is a not-for-profit organization authorized to assist the public interest. The governance structure of IFRS is created to assure that the standards are independent and not influenced by any monetary interest or any stakeholder groups.

Preparation Tips DK Goel Class 11 Accountancy Chapter 5

To prepare international financial reporting standards (IFRS) for your examinations, follow these tips given below.

  • Since this chapter is mostly theoretical, go through the NCERT or prescribed book by your board for basic definitions first and then revise the important questions from Class 11 Accountancy solutions Chapter 5 DK Goel.

  • Go through the frequently asked questions in examinations, importantly the advantages and disadvantages, features, and importance of different topics.

  • Prepare a study plan for each topic, numerical, and theories separately.

  • Ensure you revise every important topic before the examination. Always perform written practice, it helps you to memorize the concepts easily.

  • This is a theoretical concept, so to understand this chapter properly we will suggest you try visualizing the answers and concepts in your head, in that way you can understand the subject clearly.

Class 11 Accountancy solutions Chapter 5 DK Goel provides numerous concepts related to accounting standards and international financial reporting standards and helps learners to excellently prepare and revise for their examination. The Accountancy syllabus for standard 11 is quite lengthy and the curriculum is quite conceptually rich. 

All the students need to practice regularly to score well in this subject. And to do so, the answers provided in this book are considered to be the best solutions for preparing for Accountancy, from basic definitions to difficult numerical, it provides brief and self-explanatory solutions in a simplistic language.

Few Points That Students Should Consider Before Using Reference Books For Exam Preparation

  • The reference books can provide students with additional information that might help them in answering a few of the questions that may appear in the examinations.

  • DK Goel Solutions can help the students in acquiring a detailed understanding of the concepts related to Finance and Accountancy and help them to strengthen their foundational knowledge of the subject.

  • Since the concept and the subject are very new to the students of class 11, the students may come across some questions in the practice set that are very difficult to answer. To make their task easier, Vedantu is offering the DK Goel Solutions that include all the solved equations and questions so that the students do not need to waste their time seeking expert guidance from their mentors.

  • The answers that are provided in the reference books are the best way to verify the correctness of the answers found out by the students.

  • Practising the sample question papers will increase their speed of solving the mathematical equations.

  • The more they will practice the more they can memorize the formulations and equations of mathematics.

  • The more the students will gain the confidence of solving difficult problems the more they will find the subject very interesting and the more they will invest their time in attempting more and more questions that will only help them to be more confident. The students can easily register for the free classes on the Vedantu website for free and can communicate with the trainers to clarify their doubts.

FAQs on DK Goel Solutions Class 11 Accountancy Chapter 5

1. What is the purpose of understanding the concept of International Financial Reporting Standards?

The concept is a bit complicated and the students preparing for Class 11 examinations need to understand the concept very well before they solve the equations that may appear in the accountancy examination. It helps them to understand the definitions of various terminologies related to the subject of Accounts and Finance. It helps them to compare the various financial information by considering the international standards.

2. Is the subject of IFRS difficult for students to understand?

The concepts are not really difficult if they understand them well. The students need to have a clear idea of solving mathematical equations. The students pursuing their career in Finance and Accountancy will not have trouble solving simple equations if they have a strong grip over Mathematics. Finance and Accountancy are all about strategies and quickly thinking about equations and calculations to get the result. If the students can manage some time practising the equations repeatedly, then they will not face any difficulty in their examinations.

3. What should be the approach while studying the concepts of Accountancy?

It is a concept based subject and having a strong grip over Mathematics is very important. They need to follow a specific strategy while learning the concepts. The subject of accountancy and finance for the students who are preparing for Class 11 examinations might be completely new and they need to take some time out of their schedule in order to pay proper attention in memorizing the formulae. They need proper guidance and the help of experienced teachers when it comes to understanding a new concept.

4. Is there a simple method to understand the concept related to Accountancy and Finance?

Understanding a new concept depends on the individual's understanding ability and thinking capacity. When it comes to having a good grip over a particular concept, then there can be no simple trick or a trip to do so. The key to success has always been putting in hard work. The subject of Accountancy and Finance is no exception. Students need to practice a lot and take help from the previous years’ question papers and sample question papers and they need to learn how to manage their time in the examination hall since carrying out the proper calculation may seem to be difficult without proper practice.

5. From where can the DK Goel Solutions for Class 11 be downloaded?

DK Goel Solutions can be the best reference book that the students can consult for preparing for the examinations. It includes a detailed definition of the terminologies of Finance along with brief examples and elaboration of various solutions. All the study materials that the students of Class 11 may need in order to get prepared for the Finance examinations are available on the website of Vedantu and they are absolutely free.

You can avail all the well-researched and good quality chapters, sample papers, syllabus on various topics from the website of Vedantu and its mobile application available on the play store.