NCERT Solutions for Class 11 Accountancy Chapter 1 Introduction to Accounting

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Class 11 Accountancy NCERT Solutions Chapter 1 Introduction to Accounting

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Class 11 Accountancy Chapter 1 Introduction to Accounting deals with the fundamental concepts of accounting. The theory covered in Accountancy Class 11 Chapter 1 is easily comprehensible and understandable so that students score well in the exams. Vedantu provides NCERT Accountancy book Class 11 Solutions Chapter 1 that would help students understand the concepts more clearly. Vedantu furnishes the answers to the numerical problems and exercises in the Class 11 Accountancy Chapter 1 NCERT Solutions so that it is easy for students to verify the concepts learnt. 

NCERT Solutions for Class 11 Accountancy Chapter 1 Introduction to Accounting part-1
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FAQ (Frequently Asked Questions)

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 organization’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?

Ledger Book or more precisely Ledger Account is the most primary and chief journal in the accounting of an organization 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 organization’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 and 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 organization.