Revision Notes for CBSE Class 11 Accountancy Chapter 1 - Free PDF Download
Revision Notes for Class 11 Accountancy offered by Vedantu is a step-by-step coverage of all the topics of Class 11 Accountancy Chapter 1.
Our Accountancy Class 11 Chapter 1 Notes aid students to have a quick go-through of the various concepts and variables, which comprises all the topic coverage of the chapter. Our revision notes for CBSE NCERT books for Class 11 Accountancy provide simple and comprehensible study material as per the syllabus. Download the NCERT CBSE Revision Notes PDF to have a detailed sense of the chapter for a better understanding.
FAQs on Introduction to Accounting Class 11 Notes CBSE Accountancy Chapter 1 [Free PDF Download]
1. What is Accounting in simple terms?
Accounting is an umbrella term for all the financial transactions carried out in any business. Accounting involves the process of recording financial transactions of a business, analysing them, summarising the financial statements, to create a consolidated report.
Accounting helps in keeping a record of the assets and liabilities of a business, thereby making it easier to balance the expenses and calculate the profit margin through all the financial transactions. The basic concepts of accounting are introduced in the syllabus of Class 11. Also, these interesting concepts of accounting make it a very scoring subject.
2. What are the topics covered in the CBSE Class 11 Accountancy Chapter 1?
The very elementary concepts of accounting are introduced in the first chapter of Class 11 Accountancy. A sound understanding of all these basic concepts is important, as they have an application in the higher learning of this subject. The topics covered in Chapter 1 - Accounting are listed below for your reference.
Definition of Accounting
Functions of Accounting (Identification, Recording, Classification, Summarising, Communication)
Objectives of Accounting
Advantages of Accounting
Limitations of Accounting
Bookkeeping (Double Entry system)
Types of Accounting Information
Branches of Accounting
Concepts of Assets, Liabilities, Receipts, Expenses, Expenditure, etc.
Introduction to basic terms of Accounting (Capital, Drawings, Purchase Returns, Sales, Sales Returns, Creditors, Debtors, Stock, Income, Voucher, etc.).
You can refer to the revision notes of this chapter on Vedantu, for a better understanding of all the concepts.
3. What is the difference between assets and liabilities?
Assets is an umbrella term for all the things that a business owns, whereas liabilities refer to all the money or services that a business owes. Assets help in identifying the benefits of a business, to some extent. The items in the inventory of a business, or the property such as buildings owned by the business, or the liquid cash that facilitates the business to thrive- all can be categorised as assets of the business. Liabilities are mostly the services or credit that a business owes in the industry or to its investors, to be more precise.
Even though a business should ideally have a greater amount of assets than liabilities, liabilities are not always a disadvantage. For example, instead of utilising the assets, if a business takes credit amount for expansion, then liabilities are helpful in this case. Of course, the credit amount has to be paid off, preferably with the sales proceeds.
4. Are the Revision Notes Chapter - 1 Introduction to Accounting for CBSE Class 11 Accountancy, reliable for the exam preparation?
Yes. The revision notes for Chapter 1 of Class 11 Accountancy are very reliable for your exam preparation. These notes are prepared by highly qualified teachers at Vedantu to facilitate an easy understanding of the concepts of accounting. These revision notes are available in a PDF format and can be downloaded for absolutely free of cost. All the key points of the topics covered in this chapter are highlighted in these notes to help students make a quick revision of this chapter before the exam.
5. What are the characteristics of accounting Class 11?
Accounting information should be prepared without keeping a bias. It should give relevant and true information about accounts. An accountant should record the information consistently. The report prepared by the accountant should be useful for the company for making future decisions. It should not only be just putting figures in the sheet. The report should be prepared after consulting the other members of the team so that proper information is available at all times.
6. How can CBSE Class 11 Accounting Chapter 1 notes help me?
CBSE Class 11 accounting notes available on Vedantu can be very useful for the students of class 11. They can use the notes for exam preparation and for understanding the basic concepts of accounting. The Class 11 Accountancy Chapter 1 Revision Notes are prepared by professional teachers in easy language. Students can easily understand the concepts given in the first chapter of class 11 accounting by reading the notes from the Vedantu website or from the Vedantu app at free of cost.
7. How can I find important questions for Class 11 Accounting Chapter 1?
All important questions for Class 11 Accounting Chapter 1 are given on the page Important Questions for CBSE Class 11 Accountancy Chapter 1. Students can download all important questions for Class 11 Accounting Chapter 1 from Vedantu. Important questions can help students to prepare for their final exams. Important questions help students to understand the concepts easily. Students can study from important questions. They can have a clear understanding of the entire chapter from the important questions. All textbook questions are available online from where students can download a PDf file.
8. What are the benefits of accounting Class 11 Chapter 1?
Accounting is an important topic that gives important information to the companies for making economic decisions. Accounting helps to compare the results of different years and make changes in the activities for the growth of the company. An accountant of a company can make a complete record of transactions in the accounts book. It can help the company to assess the tax liabilities. More information about this is given in the Chapter 1 Revision Notes of Class 11 Accountancy.
9. What is the difference between bookkeeping and accounting?
Bookkeeping is the beginning of accounting and forms the base for accounting. Accounting starts when bookkeeping finishes. Bookkeeping is the recording of all information whereas accounting is the summary of financial information of a company. Bookkeeping does not give a proper financial position of a company whereas accounting gives proper information about the financial position of a company and helps to make a further decision. Students can learn more about this in the Class 11 Accountancy Chapter 1 Revision Notes.