CBSE Class 12 Accountancy Syllabus - Free PDF Download
FAQs on CBSE Class 12 Accountancy 2023-24: Updated Syllabus
1. What is a Profit and Loss Statement?
Profit and loss statement is a financial document that summarises revenues, expenses, and costs of an organisation in a certain period, i.e. a quarter or a financial year. It is also regarded as an income statement. This statement's significance is that it provides an overview of a company's ability to generate profit by various methods or its inability to do the same.
Typically, companies publish this document alongside their balance sheet. Moreover, it is a crucial part of an organisation's business plan as it displays how a company manages its funds and how it can produce a turnover.
2. What are the Types of Accounting?
Accounting has 7 branches, and each one of them has a different purpose and requires specialisation to work in that particular section. These eight branches include financial accounting, which is the standard accounting process. Cost accounting is mainly used internally to assess a firm's operations. On the other hand, auditing provides an overview of a company's performance in a particular period.
Managerial accounting helps senior professionals to understand the position of that particular firm. Tax accounting is purpose-built to manage the taxes, and it is compliant with the IT department's regulations. Forensic accounting helps detect frauds, and fiduciary accounting helps manage a business or property for others.
3. What is a Matching Principle?
Matching principle is a fundamental guideline of accounting. It asks a firm to report expenses on the income statement only during the period when it was generated.
Moreover, it appears on the liability section on a balance sheet at the end of an accounting period. This concept is associated with adjusting entries and accrual basis of accounting. Moreover, if future benefits of a cost are not clear, it must be charged as an expense immediately.
4. Which should I opt for between Financial Statement Analysis and Computerised Accounting?
It depends on you, what do you want to learn. Financial Statement Analysis brings you a lot of new experiences that will help you gain conscience about different financial things associated with a company. On the other hand, Computerised Accounting will help you with computer-based accounting software and other applications that companies use in their day to day work. Many students opted for computerised accounting as it involves interaction with digital learning. If you want to add extra weight to your resume, go for Computerised Accountancy, it shows you have done something to implement textbook learning.
5. Where can I find other resources related to CBSE Syllabus for Class 12 Accountancy Term (1 & 2) 2023-24?
Students can download textbook solutions and previous year papers from the Vedantu website or install the Vedantu app to download it directly on their mobile phones and tablets. Past year questions assist you in your exam preparations to come across difficulties and patterns of the paper. CBSE has revised the Accountancy syllabus that you can find attached on this page. It will help you plan your studies according to the terms.
6. What are Profit and Loss Statements in CBSE Syllabus for Class 12 Accountancy Term (1 & 2) 2023-24?
The Profit and Loss statement summarises an organisation revenue, expenses and costs, i.e. a quarter or a financial year. It is also called an income statement. The statement's significance is that it provides an overview of a company able to generate profit by various methods or its inability to do the same. Most of the time, companies publish this document alongside their balance sheet. In class 12 CBSE, you learn the basics of accountancy that makes you understand; how an organisation financially works.
7. What is included in the Project Work in CBSE Syllabus for Class 12 Accountancy Term (1 & 2) 2023-24?
In part C of the Class 12 Accountancy syllabus, CBSE has included Project Work. It includes completing a file based on the studies and sitting for a written exam. It also consists of a viva in each term. It covers 20 marks out of 100, 10 for each term. Students can follow the CBSE guidelines provided above for more information. Project work offers you exposure to the new experiences of life and teaches you the practical use of the lessons you learn in your class.
8. Does the Accountancy subject help after Class 12?
Yes, it does help you. If you opt for any commerce course for your graduation after class 12, you will find this subject more helpful than any others. Class 12 includes only the basics of accountancy that builds a base. Also, it is a compelling subject to study; it gives you knowledge about the financial window of today’s companies. Top courses that students opt for after class 12th are Chartered Accountancy (CA), Bachelor of Commerce (B.Com).