Class 11 Accountancy NCERT Solutions Chapter 1 Introduction to Accounting: Free PDF Download





















FAQs on NCERT Solutions for Class 11 Accountancy Chapter 1 - Introduction To Accounting
1. What is a balance sheet?
Balance Sheet is one of the financial statements that is prepared during the process of maintenance of the accounts of a particular firm or business entity. As accounting is a continuous process, the balance sheet is also periodically added particulars that are related to the firm. It mainly comprises the chronological representation of the total assets, liabilities, and the equity owned by the business entity. So, the organisation’s financial status can be accessed and understood at any interval of time to make crucial management decisions and implement them immediately to improve the financial condition of the firm.
2. What is a Ledger Book?
A Ledger Book or more precisely Ledger Account is the most primary and chief journal in the accounting of an organisation or a business entity. It includes complete information of all the aspects related to the financial transactions made by the business entity within the stipulated period. It comprises all the details of the organisation’s income, expenses, inventory, stocks receivable, stocks deliverable, shares, liabilities, and also assets. It also consists of the cash in hand and cash in the bank. The salaries, wages, bonds, properties, loans etc. are indicated in the ledger. Thus, a ledger account gives a complete bird’s eye view of all the essentialities possessed by the organisation.
3. What does Accounting in Class 11 Accountancy Chapter 1 mean?
As mentioned in Class 11 Accountancy Chapter 1, accounting is referred to as the process of identifying, documenting, classifying, summarising, analysing, and conveying information about financial transactions to accounting information users such as investors, creditors, owners etc. In order to avoid the potential of omission and fraud, financial transactions in books of accounts must be kept methodical and full. It assists business owners in comparing one year's performance to those of previous years in order to identify the variables that cause changes.
4. What do you study in Class 11 Accountancy Chapter 1?
Students will be able to learn the following topics in Class 11 Accountancy Chapter 1:
Meaning, significance and objectives of accounting
Economic events
Identification, measurement, recording and communication
Meaning of Organisation
Interested users of information
Accounting as a source of information
Qualitative characteristics of accounting information
Reliability
Relevance
Understandability
Comparability
Objectives of accounting
Maintenance of record of business transactions
Calculation of profit and loss
Depiction of financial position
Providing accounting information to its users
Role of accounting
5. How much will it cost to download the NCERT Solution PDFs of Class 11 Accountancy Chapter 1?
The main motive of providing PDF files of Class 11 Accountancy Chapter 1 is to give all the students easy access to these files. If you want NCERT Solutions or revision notes, important questions or sample papers, you can easily avail these amenities at the online website of Vedantu or the vedantu app. Now the best part is, understanding the importance of these PDF files, Vedantu makes sure that every single student gets to use these resources without paying any charge for them.
6. What does the term ‘revenue’ mean?
A company's revenue is defined as the money it makes from selling its products during a specific time period. Profits that a company makes by selling its goods or delivering services to customers are referred to as sales revenue. Other than that the following revenue sources are common to many companies: commissions, interest, dividends, royalties, rent earned, etc. The term "revenue" can be used interchangeably with the term "income." Revenue is a basic terminology that is frequently used in the subject of Accountancy.
7. Is Class 11 Accountancy Chapter 1 important for exams?
Class 11 Accountancy Chapter 1 ‘Introduction to Accounting’ is a very crucial chapter for the students belonging to the commerce stream. This chapter gives the students in-depth information about what accounting is and what its aspects are. Students must be very much aware of these concepts as this chapter holds the foundation of the entire study of commerce. If you want to learn more about Class 11 Accountancy Chapter 1 ‘Introduction to Accounting’, then you must give a glance through the website of Vedantu.