Revision Notes for CBSE Class 11 Accountancy Chapter 2 - Free PDF Download





















FAQs on Theory Base of Accounting Class 11 Notes CBSE Accountancy Chapter 2
1. What are the major advantages of IFRS?
International Financial Reporting Standards or IFRS, is explained in class 11 Accounts chapter 2 notes. It includes a definite set of rules for financial statements to remain transparent and consistent all across the world.
Accounts class 11 chapter 2 notes explains the major benefits of IFRS to be – (1) comparability among different financial statements, (2) standardisation, (3) transparency and consistency, (4) accessibility to investments and capital markets.
2. What are the fundamental assumptions of accounting?
Class 11 Accountancy chapter 2 notes indicate some of the major assumptions made in accounting – (1) accrual assumption, (2) conservatism assumption, (3) consistency assumption, (4) economic entity assumption, (5) going concern assumption, (6) reliability assumption, and (7) time period assumption.
3. What are the different objectives of accounting standards?
The objectives of accounting standards as mentioned in Theory Base of Accounting NCERT solutions class 11 are – (1) bringing in uniformity, (2) increasing reliability of statements, (3) simplification of accounting information, (4) prevention of manipulation and fraud.
Furthermore, such accounting standards help auditors to properly interpret the financial statements in accordance with guidelines, codes and policies.
4. What is the syllabus for accountancy Class 11 apart from Chapter 2?
The syllabus for Class 11 for accounts is divided into 3 parts: parts A, B and C. Part A consists of 2 units. Unit1- Theoretical Framework, Unit2-Accounting Process. Part B also consists of 2 units. Unit3 - Financial statements of sole proprietorship from complete and incomplete records, Unit 4- Computers in accounting. Part C consists of your projects, practicals, and application of the theory in reality. The syllabus provided to you is revised for the session 2023-24 and is per the curriculum provided by CBSE. For more information, visit Vedantu website (vedantu.com).
5. How to make accountancy notes for Class 11 Chapter 2?
To score high marks in accountancy you have to have an understanding of the basics. Notes are one way to ensure that you study consistently and understand the fundamentals of the chapters. You can make notes by paying attention in class, reading chapters by yourself, and jotting down important terms and definitions. You can also download NCERT notes for Class 11 Accountancy free of cost from the vedantu website (vedantu.com). You can use these as references to make yours or you can straightaway learn from them.
6. What are the important topics covered in chapter 2 of the class 11 accountancy book?
Chapter 2 is important in accountancy as it holds some of the most prominent and reoccurring terms of the accountancy world. The topics that you should pay attention to are; features of accounting principles, types of accounting principles, fundamental accounting assumptions, accounting bases, accounting standards, objectives of accounting standards, different financial statements produced under IFRS, advantages of IFRS, and nature of accounting standards. While these are topics of major importance, students should also pay attention to minute facts and information mentioned in the chapter as well.
7. How many questions are there in Chapter 2 Of Class 11 Accountancy?
There are a total of 57 questions for chapter 2 in NCERT solutions. 7-8 questions are based on theory and the rest of the questions are practical questions. There are plenty of numerical questions in NCERT solutions for you to practice from. Solving these questions will improve your understanding of the chapter and application theory in real-life situations. You can refer to CBSE class 11 accountancy chapter 2 revision notes while solving these questions and also get the notes on the vedantu app.
8. How do NCERT solutions help me in Class 11 Accountancy?
If you are looking for a career in the business world, then you need to secure a good grade in accountancy. Most students who have commerce as their stream find accounts a tough nut to crack. NCERT solutions help you to understand the fundamentals of the chapter. NCERT solutions provide you solutions to NCERT exercises with detailed explanations and step by step guide for numerical questions. NCERT solutions from Vedantu also provides you with extra questions to practice and important questions for examination.