introduction to accounting class 11 case study questions

phd positions university of copenhagen

Department of Psychology

The PhD programme

The PhD programme at the Department of Psychology is a three year full-time research programme fully or partially funded by external funds or by the Department.

If you wish to apply for a PhD scholarship please read the information about the PhD programme on the following pages:

It is not a requirement that you speak Danish in order to enrol as a PhD student af the Department of Psychology.

About the PhD programme

Application for a phd scholarship, phd programme regulations, phd courses, the organisation of the phd programme, graduate school.

Visit our Graduate School and find information for applicants

Department of Biology

BIO - English
PhD programme
PhD positions

500 Unhandled error

Local PhD coordinators Robin Andersson Tel: 3533 0245 [email protected] Bioinformatic & RNA Biology Anders Priemé Tel: 3533 0147 [email protected] Microbiology, Cell-and Neurobiology, Ecology and Evolution Henriette Pilegaard Tel: 3532 1687 [email protected] Cell Biology and Physiology, Genomics and Molecular Biomedicin Niels Daugbjerg Tel: 3533 1830 [email protected] Freshwater Biology, Marine Biology, Terrestrial Ecology Michael Lisby Tel: 3532 2120 [email protected] Functional genomics Sine Lo Svenningsen Tel: 3532 2033 [email protected] Biomolecular Sciences

PhD secretaries Jannike Dyrskjøt (Molecular Biology and Genes, Molecular Cell Biology and Physiology, Protein Sciences) Jeannette Melsen (Aquatic Sciences, Ecology and Evolution, Microbiology)

Department of Political Science

PhD Programme

PhD Planner

Phd statute, contact the phd administration, for phd students, supervisors and administrators.

Information for enrolled PhD students, supervisors and administrators via the UCPH Intranet (KUnet).

For applicants

PhD scholarships at the Department of Political Science are advertised once a year with a closing date for applications around the 1 st of March.

Awarded PhD degrees by year (the list is only available in Danish)

The PhD programme is a three-year research program, financed or partly financed by external funds or by the Department.

The PhD programme qualifies the student to independently carry out research, development and teaching assignments at an international level within the discipline of political science.

If you wish to apply for a PhD scholarship, at the Department of Political Science, please read more about the program on the pages below:

Teaching and publications

Information about teaching activities and publications, which are important aspects of a PhD course

Internal seminars

Four times a year our students have to participate in internal seminars based on presentations of papers

Supervision

An important part of the PhD programme is the individual supervision

PhD courses

Read about our courses in general, course dates, registration and payment

Find guidance on how to apply for funding/subsidies for fieldwork and research stays

Studying abroad

What to think about when planning a study tour abroad in connection with a PhD

Department of Mathematical Sciences
About the department

Vacant positions

Phd fellowship in task-oriented performance metrics for causal machine learning, 2024 phd stipends in mathematics, 2024 phd stipends in statistics, and the mathematics of insurance and economics, annual postdoc calls.

Opens October

Deadline November

ANNUAL PHD CALLS

November and April

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Mathematics - 5.3 Dozent∙in Mathematikdidaktik (65% - 70%) Pädagogische Hochschule Freiburg Schweiz

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Faculty of Health and Medical Sciences

New Imaging Method Ill...

New Imaging Method Illuminates Oxygen's Journey in the Brain

Researchers can now observe in real time how oxygen moves around in the brains of mice. This could provide insights into diseases such as Alzheimer's, strokes, and heart attacks.

The human brain consumes vast amounts of energy, which is almost exclusively generated from a form of metabolism that requires oxygen. Consequently, the efficient and timely allocation and delivery of oxygen is critical to healthy brain function, however, the precise mechanics of this process have largely remained hidden from scientists.

A new bioluminescence imaging technique, described today in the journal Science , has created highly detailed, and visually striking, images of the movement of oxygen in the brains of mice.

The door is open to study a range of diseases associated with hypoxia in the brain, including Alzheimer’s, vascular dementia, and long COVID, and how a sedentary lifestyle, aging, hypertension, and other factors contribute to these diseases Professor Maiken Nedergaard

The method, which can be easily replicated by other labs, will enable researchers to more precisely study forms of hypoxia, such as the denial of oxygen to parts of the brain that occurs during a stroke or heart attack. It is already providing insight into why a sedentary lifestyle increases risk for diseases like Alzheimer’s.

“This research demonstrates that we can monitor changes in oxygen concentration continuously and in a wide area of the brain,” says Maiken Nedergaard, co-director of the Center for Translational Neuromedicine, which is based at both the University of Rochester and the University of Copenhagen.

“This provides us a with a more detailed picture of what is occurring in the brain in real time, allowing us to identify previously undetected areas of temporary hypoxia, which reflect changes in blood flow that can trigger neurological deficits” says Maiken Nedergaard.

Fireflies and serendipitous science

The new method employs luminescent proteins, chemical cousins of the bioluminescent proteins found in fireflies. These proteins, which have been used in cancer research, employ a virus that delivers instructions to cells to produce a luminescent protein in the form of an enzyme. When the enzyme encounters its substrate called furimazine, the chemical reaction generates light.

Like many important scientific discoveries, employing this process to image oxygen in the brain was stumbled upon by accident. Felix Beinlich, Assistant Professor at the Center for Translational Neuroscience at the University of Copenhagen, had originally intended to use luminescent proteins to measure calcium activity in the brain. It became clear there was an error in the protein production, causing a months-long research delay.

The article continous after the video.

Your web browser does not support iframes, which means that the video In mice the researchers observed the occurrence of spatial and temporal defined local sinks in the brain tissue oxygen levels, a phenomenon they termed “hypoxic pockets”. Those hypoxic pockets lasted on average 50 seconds. Video: Maiken Nedergaard. cannot play.

While Felix Beinlich waited for a new batch from the manufacturer, he decided to move forward with the experiments to test and optimize the monitoring systems. The virus was used to deliver enzyme-producing instructions to astrocytes, ubiquitous support cells in the brain that maintain the health and signaling functions of neurons, and the substrate was injected directly into the brain.

The recordings revealed activity, identified by a fluctuating intensity of bioluminescence, something that the researchers suspected, and would later confirm, reflected the presence and concentration of oxygen. “The chemical reaction in this instance was oxygen dependent, so when there is the enzyme, the substrate, and oxygen, the system starts to glow,” says Felix Beinlich.

While existing oxygen monitoring techniques provide information about a small area of the brain, the researchers observed, in real time, the entire cortex of the mice. The intensity of the bioluminescence corresponded with the concentration of oxygen, which the researchers demonstrated by changing the amount of oxygen in the air the animals were breathing.

Changes in light intensity also corresponded with sensory processing. For example, when the mice’s whiskers were stimulated with a puff of air, the researchers could see the corresponding sensory region of the brain light up.

“Hypoxic pockets” could point to Alzheimer’s risk

The brain cannot survive long without oxygen, a concept demonstrated by the neurological damage that quickly follows a stroke or heart attack. But what happens when small parts of the brain are denied oxygen for brief periods?

This question was not even being asked by researchers until the team in the Nedergaard lab began to look closely at the new recordings. While monitoring the mice, the researchers observed that specific tiny areas of the brain would intermittently go dark, sometimes for several seconds, meaning that the oxygen supply was cut off.

Oxygen is circulated throughout the brain via a vast network of arteries and smaller capillaries–or microvessels–which permeate brain tissue. Through a series of experiments, the researchers were able to determine that oxygen was being denied due to capillary stalling, which occurs when white blood cells temporarily block microvessels and prevent the passage of oxygen carrying red blood cells.

These areas, which the researchers named “hypoxic pockets,” were more prevalent in the brains of mice during a resting state, compared to when the animals were active. Capillary stalling is believed to increase with age and has been observed in models of Alzheimer’s disease.

“The door is open to study a range of diseases associated with hypoxia in the brain, including Alzheimer’s, vascular dementia, and long COVID, and how a sedentary lifestyle, aging, hypertension, and other factors contribute to these diseases,” says Maiken Nedergaard and adds:

“It also provides a tool to test different drugs and types of exercise that improve vascular health and slow down the road to dementia.”

You can read the study “Oxygen imaging of hypoxic pockets in the mouse cerebral cortex” in Science.

Additional authors include Antonios Asiminas with the University of Copenhagen, Hajime Hirase with the University of Rochester, Verena Untiet, Zuzanna Bojarowska, Virginia Plá, and Björn Sigurdsson with the University of Copenhagen, and Vincenzo Timmel, Lukas Gehrig, and Michael H. Graber with the University of Applied Sciences and Arts Northwestern Switzerland. The study was supported with funding from the National Institute of Neurological Disorders and Stroke, the Dr. Miriam and Sheldon G. Adelson Medical Research Foundation, the Novo Nordisk Foundation, the Lundbeck Foundation, Independent Research Fund Denmark, and the US Army Research Office.

Professor Maiken Nedergaard [email protected] +45 35 33 22 31

Associate Professor Felix Beinlich [email protected]

University of Birmingham

The University of Birmingham is the UK university most targeted by the country’s leading graduate employers, a survey reveals.

According to ‘ The Graduate Market in 2024 ’, Birmingham attracted the most attention from employers featured in The Times Top 100 Graduate Employers list.

Compiled by independent research company High Fliers the report, conducted in January 2024, reveals that the five universities currently targeted by the largest number of the UK’s leading graduate employers are Birmingham, Manchester, Nottingham, Leeds, and Bristol.

We are delighted to be the first choice for the UK’s leading employers who recognise the employability of graduates from the University of Birmingham – a testament to the breadth and quality of the education we provide. Professor Adam Tickell - Vice-Chancellor, University of Birmingham

The report notes that graduate recruitment at these employers decreased unexpectedly in 2023, following a sharp increase in graduate vacancies in both 2021 and 2022 as employers compensated for lower-than-usual recruitment during the Coronavirus pandemic.

It forecasts improvements, with the level of graduate vacancies available in 2024 expected to increase by 1.5%. For the third year running, graduate starting salaries at the UK’s leading graduate employers are set to increase to a new median starting salary of £34,000.

Graduate vacancies are set to increase significantly at engineering and industrial employers, with extra opportunities for graduates available in the public sector.

Professor Adam Tickell, Vice-Chancellor at the University of Birmingham, said: “We are delighted to be the first choice for the UK’s leading employers who recognise the employability of graduates from the University of Birmingham – a testament to the breadth and quality of the education we provide.

“Ensuring our students are ready for the world of work is a key part of their time with us. They benefit from a wide range of careers support, alongside exceptional and varied industry links in all our schools and departments – making them a great fit for employers seeking graduate recruits who can hit the ground running.”

The report ranks UK universities which have attracted the most top graduate employers for university careers fairs, on-campus employer presentations, university-specific virtual events, careers service promotions and initiatives, and other locally-run publicity during 2023-2024.

The University of Birmingham’s Careers Network organises more than 300 employer events on campus each year, as well as subject specific graduate recruitment fairs and events. The network also develops a range of work experience opportunities and internships to enhance skills development and employability amongst students.

This year’s predicted new median starting salary of £34,000 represents a rise of 13.3% since 2020 when the median starting salary at the country’s best-known graduate employers was £30,000. The most generous median salaries in 2024 are on offer from investment banks (£55,000), law firms (£50,000) and consulting firms (£47,500).

The highest published graduate starting salaries for 2024 include international law firms White & Case (£52,000) and Allen & Overy, Baker McKenzie, Clifford Chance, Herbert Smith Freehills, Latham Watkins, Linklaters, and Slaughter and May (each £50,000), and retailer Aldi (£50,000).

Notes for editors

For more information please contact our press office at [email protected] or call +44 (0) 121 414 2772.

The University of Birmingham is ranked amongst the world’s top 100 institutions. Its work brings people from across the world to Birmingham, including researchers, teachers and more than 8,000 international students from over 150 countries.

University of Birmingham in top three targeted by leading graduate employers

The University of Birmingham is among the top three Universities most targeted by the UK’s leading graduate employers, a survey has shown.

14 March 2023

Career for young resea...

Career for PhD Students and Postdocs

Career Development for PhD students and Postdocs. Get inspiration, tools and advice for your future career with a PhD degree or Postdoc appointment at UCPH.

Career planning and counselling

Career paths

Tools, events and courses.

Career tools

Events and Courses

Additional ressources.

International staff mobility

Career statistics

As a PhD student at the University of Copenhagen you have the opportunity to advance your international career as part of a world class research team. Every year, UCPH enrols more than 700 new PhD students. ... PhD position in Philosophy of Science: Faculty of Science: Department of Science Education: 31-03-2024: PhD Fellow Extended Reality for ...

Copenhagen University Hospital - Nordsjælland in the Capital Region: 11-04-2024: PhD fellowship in forensic RNA investigations: Faculty of Health and Medical Sciences: Retsmedicinsk Institut: 11-04-2024: Postdoc position in 'Ocean Acidification - proof of concept of new approaches' Faculty of Science: Department of Biology: 11-04-2024

Check out the available PhD positions at UCPH. PhD School at SCIENCE. ... University of Copenhagen Bülowsvej 17 DK-1870 Frederiksberg C Contact: PhD School of SCIENCE phd @science.ku.dk Tel: +45 35 32 55 00 . University of Copenhagen. Management; Administration; ...

The IT University of Copenhagen (ITU) offers PhD positions on various topics throughout the year. You can find the current openings under vacancies on ITU's website and follow the instructions on how to apply for each position. Every year ITU has an annual open PhD call, where you can submit your own project proposal.

A PhD degree in mathematics will make you qualified for a wide range of career possibilities including continuing an academic career or going into the private or the public sector. PhD students who hold a stipend from the University of Copenhagen will receive a. salary of about 3,300 EUR/month before taxes and 2,200 EUR/month after taxes.

The PhD programme. The PhD programme at the Department of Psychology is a three year full-time research programme fully or partially funded by external funds or by the Department. If you wish to apply for a PhD scholarship please read the information about the PhD programme on the following pages: It is not a requirement that you speak Danish ...

Every year, UCPH enrols more than 700 new PhD students. The University of Copenhagen offers cutting edge research in an international atmosphere. In 2013 Monocle Magazine heralded Copenhagen as "the most liveable city in the world". Read about the job structure and the recruitment process for faculty and academic staff.

Working at University of Copenhagen. See all vacancies. Topic navigation; Content; Footer links; Start Toggle navigation. Map; Phone Book; KUnet; Dansk; Study at UCPH. ... PhD-positions Career for young researchers. Job portal University of Copenhagen Nørregade 10, PO Box 2177 DK-1017 Copenhagen K ...

The PhD programme is a three-year research program, financed or partly financed by external funds or by the Department. The PhD programme qualifies the student to independently carry out research, development and teaching assignments at an international level within the discipline of political science.

The PhD programme at the IT University of Copenhagen covers a wide range of disciplines, such as Computer Science, Software Engineering, Information Systems, Media and Social Sciences, Conceptual Design, and Creative Practice-based Computing. The PhD programme consists of three or four years of enrolment/employment, independent research, and ...

PhD Fellowship in Task-Oriented Performance Metrics for Causal Machine Learning. The Pioneer Centre for AI, the Copenhagen Causality Lab, and the Department of Mathematical Sciences at the University of Copenhagen invite applications for a fully-funded PhD position. 2024.02.07.

University of Copenhagen. Job Portal We are looking for a highly motivated candidate for a three-year PhD project commencing September 1st, 2024, or as soon as possible thereafter. The PhD position is available via a Carlsberg Semper Ardens Accelerate- funded project called "Consumer Medicine: Philosophical and Ethical Implications ( COPE ...

The Computer Science Department at IT University of Copenhagen (ITU)... | NEW JOB PhD position in Data Systems supervised by Associate Professor Zoi Kaoudi Posted on Mar 18, 2024

The University of Texas Rio Grande Valley (UTRGV) is located at the southern tip of Texas, one of the fastest growing areas in the U.S. UTRGV provides affordable education and global opportunities to people in the region and is creating a steadfast commitment to excellence in higher education.

Contact us: 9a-5p, M-F | 134 Mary Gates Hall | Seattle, WA 98195 | (206) 543-0535 tel | [email protected] The Division of Student Life acknowledges the Coast Salish people of this land, the land which touches the shared waters of all tribes and bands within the Suquamish, Tulalip, and Muckleshoot Nations.

PhD-positions. Part of the International Alliance of Research Universities (IARU), and among Europe's top-ranking universities, the University of Copenhagen promotes research and teaching of the highest international standard. Rich in tradition and modern in outlook, the University gives students and staff the opportunity to cultivate their ...

It forecasts improvements, with the level of graduate vacancies available in 2024 expected to increase by 1.5%. For the third year running, graduate starting salaries at the UK's leading graduate employers are set to increase to a new median starting salary of £34,000.

Nørregade 10, PO Box 2177. DK-1017 Copenhagen K. Contact: University of Copenhagen. ku @ ku. dk. Tel: +45 35 32 26 26.

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introduction to accounting class 11 case study questions

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Important Questions for CBSE Class 11 Accounts Chapter 1 – Introduction to Accounting

Home » CBSE » Important Questions for CBSE Class 11 Accounts Chapter 1 – Introduction to Accounting

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Accounting today is much more than record-keeping and preparing financial statements by the accountant. Hence, it becomes imperative to strengthen your knowledge base in accountancy. Class 11 Chapter 1 is about Introduction to Accounting. This chapter explains the meaning of accounting and basic terms used in accounting while diving into the internal and external uses of the accounting information and the end objective of why is accounting done.

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Students studying Accountancy should start by going through the Class 11 Accountancy NCERT textbook. Accountancy is a practical subject so along with studying the theory behind it, students can strengthen their understanding by solving various questions from the NCERT textbooks.

Extramarks is one of the best online learning companions for lakhs of students across the country. Thus, Extramarks provides students with a list of important questions from the CBSE syllabus . Extramarks team refers to NCERT textbooks, other important reference books, CBSE sample papers, CBSE past years’ question papers, etc. for compiling a list of questions.Solving a lot of questions given in our Important Questions Class 11 Accountancy Chapter 1 can make the students feel prepared to face questions in their examinations.

To get the maximum benefit during exam preparations, students can register on Extramarks’ website and get access to Accountancy Class 11 Chapter 1 Important Questions, NCERT solutions, revision notes, and other study materials.

Access CBSE Class 11 Accounts Chapter 1 Questions and Answers

Class 11 Accountancy Chapter-wise important questions are available for free to students, and these questions are perfect for self-study.

Accountancy Class 11 Important Questions and Answers

Below are some Important Questions Class 11 Accountancy Chapter 1 with solutions:

Question 1. What is Accounting? Define its objectives?

Answer 1: Accounting is the process that identifies, measures, and records all business transactions communicated to interested users within and outside the organisation. The information is regarding the economic events related to the organisation.

The following are the objectives of accounting:

Maintenance of records of business transactions: Accounting helps systematically record business transactions in the books of accounts. Accounting is beneficial as it is not humanly possible to remember all the business transactions regarding sales, purchases, receipts, and payments. Accounting further serves as an evidence that verifies all those transactions.
Calculation of profit and loss: The accounting of incomes and expenses of the business helps to ascertain the net result at the end of a particular period and understand whether the business operations resulted in a profit or a loss.
Depiction of Financial Position: The preparations of accounts help to understand the financial position, i.e., the statement of assets and liabilities of the business firm.
Providing accounting information to its users: After the accounting process is complete, the end information is then communicated to the users, which are internal and external, that can use this information to make decisions in various situations.

Question 2. The art of recording all business transactions in a systematic manner in a set of books is called-

(a) Accounting

(b) Book–keeping

(d) None of these.

Answer 2: (b) Book-Keeping

Explanation- Bookkeeping is the process of keeping track of and organising all of a business’s financial transactions.

Question 3. Cash, goods or assets invested by the proprietor in the business for earning profit is called-

(b) Capital

(d) None of these

Answer 3: (b) Capital

Explanation: Capital is the ownership of money or other assets by an individual or group that may be used for a variety of activities, including investing or starting a business.

Question 4. Define Debtors and Creditors of the company

Debtors- Debtors are those who owe money to the business firm. The money owed by debtors is receivable during the course of business activities.

Creditors- Creditors are those who extend credit to the business; hence the money is to be paid to the creditors during the ordinary course of business.

Question 5. Mention 2 Differences between Accounting and Accountancy.

Question 6. explain the qualitative characteristics of accounting.

Answer 6: The following are the qualitative characteristics of Accounting:

Reliability: Reliability implies that one can rely on accounting information. The source documents, such as vouchers, bills, cash memos, and the like, help to verify the information. Hence, the internal and external users of accounting information can rely on them as it is unbiased and free from errors.
Relevance: The users, i.e., internal and external users, need relevant information to predictand make decisions for the future. Hence, the accounting information should include all the necessary transactions required for them to make these crucial decisions and exclude irrelevant information.
Understandability: The accounting information should be represented so that the users find it easy to interpret the information in a meaningful manner.
Comparability: One of the essential characteristics, comparability of data, implies that the current year’s accounting information can be easily compared to the previous year’s accounting information. It also enables the comparison of data between two or more businesses. It helps in understanding the impact of various policies and plans as well as projecting the growth of the business in comparison to similar businesses.

Question 7. Who are the users of accounting information?

Answer 7: Accounting information is used by various parties inside and outside the organisation to make important decisions. Hence, there are two categories that use the accounting information mentioned below:

Internal Users:
Employees and Workers
External Users:

External users comprise those who lie outside the organisation and are interested in the financial position and records of the business. External users do not have direct access to the business’s financial records. The External users include the following as below:

Government
General public
Banks and Financial Institutions
Tax Authorities

Question 8. Enumerate informational needs of management

Answer 8: The managers need the information about the business for the below-mentioned reasons:

Helps in planning business activities and making decisions for the same
Preparing financial reports relating to costs, profits, costs, and, to see whether the business enterprise is working well.
It compares the current financial performance of the business with its past performances and similar businesses to find out where the business stands in terms of operational efficiency.

Question 9. Giving examples, explain each of the following accounting terms:

Fixed assets
Short-term liability
Fixed Assets: Fixed Assets are those that are held on to for long terms and not used for sale. These assets help the business profit and assist in growth over the years. Example of Fixed Assets : Land, building, machinery, etc. .
Revenue: The inflow of cash resulting from the business’s normal day-to-day activities is known as revenue. Examples of Revenue: Sale of goods and services, the commission received, royalties, interest received, etc.
Expenses: The costs that are incurred during the process of earning revenue are known as expenses. They help in maintaining the profitability of the business enterprise. Examples of Expenses: Rent paid, salaries and wages paid, depreciation, interest on loans, and the likes of it.
Short-term Liability: Liabilities that are to be paid by the enterprise within a year are called short-term liabilities. Examples of Short-term liability: Creditors, outstanding wages, bank overdrafts, and short-term loans come under short-term liability.
Capital: Capital is the sum of the amount the business owner invests in the business. The capital is the business’s liability towards the owner; hence it is shown on the liability side while preparing the balance sheet. Example of capital: It may be in the form of cash or assets.

Question 10. What are the 3 advantages of accounting?

Answer 10: The three main advantages of accounting are:

Helps in decision-making by the management
Helps in the systematic recording of business transactions
Helps in the preparation of financial statements that ascertain profit and loss for the business

Question 11. Define revenues and expenses.

Revenues – The sale of products and services that result in an inflow of money is considered revenue for businesses. The inflow of money is considered revenue only when the activities resulting from it are day-to-day activities happening in the regular course of the business.

Examples of revenues include the sale of the goods, sale of services, fees or commission received, and profits from investments are examples of revenue.

Revenues are shown on the credit side of the profit and loss account or trading account.

Expenses : The activities during the business that leads to the outflow of money from the enterprise are termed expenses. The enterprise undertakes these expenses to help it earn revenues.

Examples of expenses include: Salaries and wages paid, rent paid, repair and maintenance, administrative charges, and cost of goods sold are basic examples of expenses.

Expenses are shown on the debit side of the Profit and loss or trading account.

Question 12. Define the branches of accounting.

Answer 12: Below mentioned are the different branches of Accounting:

Financial Accounting: Financial accounting is concerned with recording, classification, and summarising the financial activities of the business enterprise. The ultimate focus of financial accounting is to create accurate financial records for a particular period. The financial records are known as financial statements, which include Profit and Loss statements, balance sheets, and Statements of CFOs.
Cost Accounting: Cost Accounting is concerned with reporting and computation of costs incurred during producing goods and providing services. Cost accounting involves calculating the fixed and variable costs for the business enterprise.
Management Accounting: Management Accounting involves the measurement, evaluation, and interpretation of the financial information, which will be ultimately presented to the management for the realization of organisational goals.

Question 13. Describe the role of accounting in the modern world.

Answer 13: Earlier, the role of accounting was limited to recording business transactions, but in today’s time, its roles have changed significantly. It is not just used as a way of recording financial events. However, it is also used to disseminate information to the internal and the external users, ultimately helping in decision making.

Apart from this, here are some of the roles of accounting in the modern world:

Assisting the management: With the creation of budgets and reports, the management can make the right decisions for the long-running of a business enterprise
Information to end-user: Accounting in today’s times helps to communicate reliable and authentic information to internal and external users. The users depend on this information to make strategic changes in the business operations.
Substitute of memory: Accounting is the practice that helps in timely and accurate recording of business transactions that also come in handy as evidence for the transactions.
Comparative studies: Accounting also plays the role of helping organisations in comparing the past and present performance of the business. Businesses can also compare their performance with competitors to understand their position in the market.

Question 14. Differentiate between profit and gain.

Answer 14: The differences between Profits and Gain are mentioned below:

Question 15. Fill in the blanks

The document certifying the purchase or sale of goods or any monetary transaction is called …………….
The things or properties which help in the smooth functioning of the business and which are owned by the business are called ……………. of the business.
The unsold goods left at the end of the year are called ……………..
…………… represents the excess of assets over liabilities.

Answer 15:

Closing stock

Benefits of solving Class 11 Accountancy Chapter 1 Important Questions

Accountancy is an essential foundational subject in Classes 11 and 12 for students who are planning to pursue their careers in Commerce and business-oriented education streams. A lot of practice and effort should go towards understanding the core components of Accountancy. Going through the important questions in Class 11 Accountancy Chapter 1 available on the Extramarks can help students build a strong foundation of the subject which will benefit them greatly while solving practical numerical.

Here are a few benefits students can achieve while revising the Important Questions Class 11 Accountancy Chapter 1 available at Extramarks.

Get a list of all the Class 11 Accountancy questions at one place. The list would include questions from NCERT books, past years’ question papers, and other reference books, providing a holistic revision of the entire chapter.
The solutions are prepared by Extramarks’ team of subject matter experts who have been teaching Accountancy and Business oriented subjects for many years. So students can rely on the solutions fully. Our team has given step-by-step solutions that help students to revise important theory concepts that are used in solving the specific problems.
The questions covered in the Class 11 Accountancy Chapter 1 Important Questions list include a comprehensive list of questions from the entire chapter, ensuring that solving them helps with the revision of the entire chapter.

For students in Classes 1 through 12, Extramarks offers high-quality resources such as NCERT revision notes, CBSE sample papers , CBSE past years’ question papers , CBSE extra questions , and CBSE mock tests, etc. In order to access some of these resources, students must click on the website links provided below:

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Q.1 The function of accounting is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions. The process of accounting consists of the various steps to the required information. Identify the correct sequence.

i) Recording

ii) Communicating

iii) Measuring

iv) Identifying

i-ii-iii-iv

iii-ii-iv-is

ii-iv-i-iii

iv-iii-i-ii

Accounting can therefore be defined as the process of identifying, measuring, recording and communicating the required information relating to the economic events of an organisation to the interested users of such information. In order to appreciate the exact nature of accounting.

Q.2 ‘Accounting is the language of a business’. Explain. Marks: 3

Language is a means of communicating one’s views and opinions. In the same way accounting communicates financial information relating to a business to its interested users in a systematic manner. So, Accounting is the language of a business.

It provides important informations to the management, owners, employees, government, society, and all related parties who have any direct or indirect interest in the organisation.

Q.3 State any five differences between ‘Book –Keeping’ and ‘Accounting’ . Marks: 6

The five differences are given below:

Q.4 “The role of Accounting has changed over the period of time.” Do you agree Explain. Marks: 4

1. For making economic decisions by Management, Financial Institutions etc.

2. For judging managerial ability through results of the enterprise.

3. For activities affecting society etc.

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Cbse class 11 accountancy important questions, chapter 2 - theory base of accounting.

Chapter 3 - Recording of Transactions– 1

Chapter 4 - recording of transactions ii (financial accounting – i), chapter 5 - bank reconciliation statement, chapter 6 - trial balance and rectification of errors, chapter 7 – depreciation, provisions & reserves, chapter 8 - bill of exchange, chapter 9 - financial statements – 1, chapter 10 - financial statements 2, chapter 11 - accounts from incomplete records, chapter 12 - applications of computers in accounting, chapter 13 - computerised accounting system, faqs (frequently asked questions), 1. where can students easily find important questions class 11 accountancy chapter 1.

To make it easier for students to learn, revise and prepare for their examinations, Extramarks provides a list of Important Questions in Class 11 Accountancy Chapter 1. With this comprehensive list of questions prepared by experts, topics from every nook and corner of the chapters are covered, thus ensuring that the students achieve better grades in their examinations. You can be rest assured as you get authentic and reliable solutions to the Accountancy Class 11 Chapter 1 Important questions.

2. What are the important chapters covered in Class 11 Accountancy?

The subject of Accountancy is itself very important to create a strong base for Class 12 as well as further higher studies. Hence,every chapter plays a vital role. The important chapters covered in Accountancy for Class 11 include

Introduction to Accounting
Theory Base of Accounting
Recording of Transactions 1
Recording of Transactions 2
Bank Reconciliation Statement
Trial and Balance, and Rectification of Errors
Depreciation, Provision and Reserves
Bill of Exchange
Financial Statement 1
Financial Statement 2
Accounts from Incomplete Records
Applications of Computer in Accounting
Computerised Accounting System

3. What standout characteristics do Extramarks have for Important Questions Class 11 Accountancy Chapter 1?

The following are the characteristics of the Important Questions Class 11 Accountancy Chapter 1 available on Extramarks:

Practice questions that cover the entire chapter. Going through these questions can also prove to be a good revision of the chapter.
Important questions Class 11 Accountancy Chapter 1 provides you with a wide range of questions for better practice of the chapter’s concepts.
The expert provided solutions for maximum reliability and error-free solutions.
Easy to understand solutions for enhanced learning.

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Accountancy

Class 11 Accountancy Sample Papers, Notes & CBQs

Get CBSE class 11 Accountancy Sample Question Papers, Notes, Extra Questions, and Videos in PDF format for free download along with premium study material to score good marks in exams.

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Introduction to accounting

Basic Accounting Terms

Theory base of accounting, as & ind-as, basis, gst, accounting equation, rules of debit & credit, source documents and preparation of vouchers, other subsidiary books, bank reconciliation statement, depreciation, provisions & reserves, trial balance, rectification of errors, financial statements -i sole proprietorship, financial statements -ii adjustments, accounts from incomplete records, project work in accountancy.

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Accountancy becomes a part of formal education at the senior secondary in the commerce stream. In the era of globalization, inter-connected economies have brought a major change in business operations. Accounting has become a source of financial information in this dynamic economic scenario. In this case, Accountancy as a subject fortifies a promising position in the senior secondary curriculum. Senior secondary may now get quality course material for Class 12 Accountancy on myCBSEguide .

CBSE Class 11 Accountancy Study Material

The senior secondary course in accounting put emphasis on developing a basic understanding of accounting as an information system. It introduces the learners to the world of business and emphasizes strengthening the fundamentals of the subject. The student-centric MyCBSEguide app , best known for its premium content, brings study material for the Class 11 Accountancy like syllabus, CBSE previous years’ question papers, sample papers, revision notes, important questions, online tests, and learning videos. Most of our test papers are available in PDF format which can be easily downloaded. The complete course of Accountancy at the senior secondary stage introduces the learners to the world of business and emphasizes strengthening the fundamentals of the subject.

CBSE Class 11 Accountancy Syllabus

The senior secondary Accountancy syllabus provides students with a firm foundation in basic accounting concepts and methodology and also acquaints them with the changes taking place in the preparation and presentation of financial statements by the latest applicable accounting standards.

The syllabus of Class 11 Accountancy has the chapters listed below.

The learners of accounting are introduced to Computerized Accounting System in senior secondary (Class XI and XII). Computerized Accounting System is a compulsory component that is included in the syllabus of the Class 11 Account for commerce stream. To know more about the syllabus check our blog named Class 11 Accountancy Syllabus 2022-23 .

CBSE Class 11 Accountancy Question Bank

Our question bank has a plethora of questions not only for the CBSE subjects but for ICSE and other state boards as well. We are into this teaching-learning field for a decade and have been trusted by students and teachers alike. Our question bank has questions of all types and categories. You can generate test papers according to your blueprint and logo for CBSE Class 11 Accountancy on your mobile app.

You can also find previous years’ questions for Class 11 Accountancy on CBSE Previous Years Paper .

CBSE Class 11 Accountancy Sample Papers

Sample papers are very necessary for all students. For them are below average it can help them score above average. For those who already score well, sample papers can help them secure good grades and be in the top five or ten positions. MyCBSEguide has a well-furnished question bank that has all types of questions like subjective, multiple-choice questions, and objective-type questions. The sample papers are generated using our question bank. You can download Class 11 Accountancy Sample Papers based on the official CBSE sample papers.

CBSE Class 11 Accountancy Revision Notes

The emphasis in Class XI is placed on basic concepts and processes of accounting leading to the preparation of accounts for a sole proprietorship firm. The students are also familiarized with basic calculations of Goods and Services Tax (GST) in recording business transactions. Learning these voluminous concepts is tough, but if you get its essence in a simplified form, it becomes way easier. Revision notes serve the same purpose, it demystifies a complex lesson and breaks it down into a simpler unit that is easy and clear to comprehend. Chapter-based CBSE Class 11 Accountancy Revision Notes are available on our students’ dashboard in PDF format. The chapters are updated as per the latest CBSE syllabus.

The increased role of ICT in all walks of life cannot be overemphasized and is becoming an integral part of business operations.

CBSE Class 11 Accountancy Important Questions

As we know that few chapters in a subject are important. Also, there are a few sections in these chapters, which may be a particular topic, which is most important. The weightage basically determines which section is how important. Based on this and many other criteria we prepare a set of important questions from each chapter. Check our CBSE Class 11 Accountancy Important Questions on our website to access the important questions for other chapters.

Class 11 Accountancy Chapter Wise Questions Answers

Theory Base of Accounting
Recording of Transactions -I Vouchers, Journals & Ledgers
Depreciation Provisions and Reserves
Bill of Exchange

CBSE Class 11 Accountancy Case Study Question

The new education system focuses on competency-based learning and case study questions are one such type of question which is used for it. The idea is to encourage analytical thinking and problem-solving technique in a real-life situation. Basically, for case-based questions, a situational or hypothetical text is given, and based on it a few questions are asked. The nature of these questions depends on the CBSE Accountancy sample paper. Being a new kind of question not very amount of Accountancy case-based questions is available. There are Class 11 Accountancy Case Study Questions available in our dashboard, which can be of great use to the students of the commerce stream. The case study questions can be challenging at times as it demands the application of complex theories and principles. Therefore, it is advisable to practice well before the final examinations.

CBSE Class 11 Accountancy Online Tests & Test Papers

Students can also access our Test Papers for the CBSE module. These are short tests and can be used occasionally to test your knowledge acquired. Getting grades at the senior secondary level is a ticket to a better future. Taking extra pains now may bring you compounded benefits in the future. So, it is better to use Class 11 Accountancy Test Papers to test your progress and do a formative self-assessment and make the changes required.

Learners can also try our Class 11 Accountancy online tests on our website to practice MCQs. These tests are mostly designed for objective-type questions. It is always easy to learn in a play way method and our online tests are the best fit for it. It is both challenging at the same time interesting. As the saying goes a stitch-in saves nine, so why don’t we use whatever time we have to make its optimum use?

Systemized mock tests are organized by team myCBSEguide mostly before the board examinations. To get an update on this you need to subscribe to our dashboard or YouTube channel for the latest updates.

Our question bank is equipped with questions of competitive examinations like JEE, CUET, SSC, etc., These are highly marketed products. As an EduTech myCBSEguide has been into the teaching-learning business and has carved a niche in this super competitive market. We began with the CBSE module and now have supreme content in Uttarakhand Board, UP Board, ICSE, and many others.

Class 11 Accountancy Case Studies Questions

CBSE introduced case-based questions in class 11 accountancy question papers last year to enhance and develop analytical and reasoning skills among students. Class 11 Accountancy Case Studies Questions are given in CBSE model question papers too. Last year sample case-based questions were released by the CBSE and immediately an air …

CBSE Class 11 Accountancy Syllabus 2022-23

CBSE Class 11 Accountancy Syllabus 2022-23 includes Theoretical Framework, Accounting Process, Financial Statements of Sole Proprietorship etc for the session 2022 – 2023. Here is the detailed syllabus. To download class 11 Accountancy CBSE latest sample question papers for the 2023 exams, please install the myCBSEguide App which is the …

CBSE to Conduct Two Term Exams in 2021-22

CBSE has issued a circular on 5th July 2021 regarding the Special Scheme of Assessment for Board Examination Classes X and XII for the Session 2021-22. Here is the complete text of the circular. COVID 19 pandemic caused almost all CBSE schools to function in a virtual mode for the …

CBSE Class-11 New Stream Selection Rules

The New Education Policy-2020 has suggested eliminating rigid stream selection rules. We know that there are three streams in class 11 and the choices to select subjects are limited. Students have to select subjects within the stream only. Thus, if you are taking Science Stream, you have no option to …

CBSE Reduced Syllabus by 30% for Session 2020-21

CBSE, New Delhi has reduced the syllabus for classes 9 to 12 by 30%. The CBSE Revised Syllabus 2020-21 is available in CBSE official website and myCBSEguide mobile app. Here is the complete circular regarding CBSE Revised Syllabus 2020-21: CBSE Reduced the Syllabus The prevailing health emergency in the country …

Computerised Accounting System Class 11 Accountancy Extra Questions

Computerised Accounting System Class 11 Accountancy Extra Questions. myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is …

Class 11 Accountancy Computers in Accounting Important Questions

Class 11 Accountancy Computers in Accounting Important Questions. myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is …

CBSE Class 11 Chapter 11 Accountancy Extra Questions

CBSE Class 11 Chapter 11 Accountancy Extra Questions. myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is …

Chapter 10 Accountancy Class 11 Important Questions

Chapter 10 Accountancy Class 11 Important Questions. myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is to …

CBSE Class 11 Accountancy Chapter 9 Important Questions

CBSE Class 11 Accountancy Chapter 9 Important Questions. myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is …

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NCERT Solutions for Class 11th: Ch 1 Introduction to Accounting Accountancy

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Case Study Questions Class 11 Accountancy With Answers

Students should practice Case Study Questions for Class 11 Accountancy with Answers before appearing in Class 11 Accountancy Board exams. We have provided below the class 11 Accountancy Case Study questions based on each chapter in your NCERT Book for Class 11 Accountancy. These chapter-wise questions have been prepared by teachers based on the latest examination pattern and syllabus issued by CBSE, NCERT KVS. The following Case Study questions and answers will be really useful to understand the type of questions that can be asked in exams

Class 11 Accountancy Case Study Questions and Answers

Practicing by going through the past year and Case Study questions for CBSE Class 11 Accountancy is very important to prepare for the Grade 11 Accountancy exams. We have provided below the best collection of questions which can come in your exams.

Chapter Wise Important Questions for Class 11 Accountancy with Answers

Class 11 Accountancy Part 1 Chapter 1 Introduction to Accounting Chapter 2 Theory Base of Accounting Chapter 3 Recording of Transactions – I Chapter 4 Recording of Transactions – II Chapter 5 Bank Reconciliation Statement Chapter 6 Trial Balance and Rectification of Errors Chapter 7 Depreciation, Provisions and Reserves Chapter 8 Bill of Exchange

Class 11 Accountancy Part 2 Chapter 9 Financial Statements – I Chapter 10 Financial Statements – II Chapter 11 Accounts from Incomplete Records Chapter 12 Applications of Computers in Accounting Chapter 13 Computerised Accounting System

Case Study Questions Class 11 Accountancy With Answers

Important questions for class 11 biology with answers, plant growth and development class 11 biology important questions.

Kinetic Theory Class 11 Physics Important Questions

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Introduction to Accounting Class 11 Notes PDF (Handwritten & Short Notes)

The Introduction to Accounting Class 11 notes are considered to be the written summary. In this summary, a brief of all topics, concepts, entries, etc are included. With the help of the Class 11 Accountancy Notes, students can easily do the last minute revision. Revising and memorising all topics can help students to improvise their score in Introduction to Accounting questions.

Students can increase their level of understanding for the chapter with the help of Introduction to Accounting Class 11 notes. A Good understanding of the chapter Introduction to Accounting can aid students to increase their self- confidence. Accordingly students can also decrease their stress level while preparing for the chapter Introduction to Accounting.

Introduction to Accounting Class 11 Notes PDF

After completing the chapter Introduction to Accounting, students can get a brief summary through the Class 11 Accountancy Notes . With the help of notes PDF students can simply recall their previous learnings from the topic Introduction to Accounting. Therefore, here on this page, we have provided the Introduction to Accounting Class 11 Notes PDF which can be downloaded for free of cost.

How to Download The Introduction to Accounting Class 11 Notes?

All students studying in Class 11 need to go through the Introduction to Accounting Class 11 notes. Simplest steps to download the notes are:

Open the Selfstudys website.
Click the navigation bar, a drop down menu will appear, select NCERT Books and Solutions from the given list.
Now select NCERT Notes from the list.

A new page will appear, select Class 11th from the list of classes.

Select Accountancy from the list of subjects.

Again a new page will appear, now select the chapter Introduction to Accounting.

Features of the Introduction to Accounting Class 11 Notes

The Introduction to Accounting Class 11 notes are created by our subject matter experts in a creative way so that students can easily build a strong foundation for the chapter. There are some important features of the Class 11 Accountancy notes that are discussed below -

Brief Explanations are Given: In the Class 11 Accountancy, a broad explanations for the chapter Introduction to Accounting are given. Each and every topic of the chapter is explained in the Class 11 Introduction to Accounting notes.
Explained in Easy and Simple Language: These Class 11 Accountancy are explained in an easy and simple language. With the help of this, students can comprehend each and every topic in an accurate way.
A Brief Introduction is Given: In the beginning of the Introduction to Accounting notes, a brief introduction is given. By reading the brief introduction, students can get a quick idea about the chapter Introduction to Accounting.
Device Flexibility: The Class 11 Introduction to Accounting notes are device flexible as it can be downloaded from any of the devices: laptop, tablet, smart phone, etc.
Chapter Number is Given: Through the chapter number given, students don’t need to search for the chapter name here and there. This can make students' learning process easier and help them easily navigate to the entire topics responsibly.

Advantages of the Introduction to Accounting Class 11 Notes

Looking through the Introduction to Accounting Class 11 notes, students can remain attentive and alert throughout the preparation. This is one of the important advantages, other than this there are more advantages:

All Topics are Covered: In the Introduction to Accounting notes, all the topics are covered in an elaborate way. Through this, students can understand each and every topic in a proper and better manner.
Helps Students to remember All The Topics: Class 11 students can remember and memorise all topics and concepts included in the chapter Introduction to Accounting. Accordingly, students can also score good marks in Introduction to Accounting questions.
Acts as an Important Study Resource: These Class 11 Introduction to Accounting notes acts as a very important study resource. As in the class 11 Accountancy notes, topics, definitions, important entries are given.
Quick Revision Can Be Done: With the help of notes on Introduction to Accounting, a quick revision can be done. A quick revision can help students to increase their confidence level.
Helpful for Both State Board and CBSE Board Students: These Class 11 Introduction to Accounting notes can be beneficial for both state board students as well as CBSE board students. As all the boards follow the same set of Class 11 Accountancy syllabus.

Tips to Cover The Chapter Introduction to Accounting In a Perfect Way Using Revision Notes

Students can follow some basic tips to cover the Class 11 Accountancy chapter Introduction to Accounting in a proper way using revision notes. Those important tips are:

Look Through the Chapter: Students need to look through the chapter Introduction to Accounting. Class 11 students can easily cover the chapter with the help of Introduction to Accounting Class 11 notes.
Practise Questions: After completing the chapter Introduction to Accounting, students need to practise questions as many as possible. By practising many questions from the chapter, students can become perfect in the chapter Introduction to Accounting.
Get to Know About Skills and Flaws: While studying the chapter Introduction to Accounting, students need to know about skills and flaws. According to the skills and flaws, students can easily improvise in the chapter Introduction to Accounting.
Try to Take Frequent Breaks: It is very important for students to take frequent breaks during the revision process of Introduction to Accounting so that the brain can handle lots of information with ease.
Last Minute Revision is Very Important: A last minute revision for the chapter Introduction to Accounting is very important because it helps students to keep fresh their learning from the chapter for a very long period of time.
Maintain a Positive Attitude: Students should maintain a positive attitude throughout the preparation of Introduction to Accounting. A positive attitude not only motivates a student to solve difficult questions of Introduction to Accounting but helps them clear all small and huge doubts confidently.

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CBSE Class 11 Accountancy Chapter 1 – Introduction to Accounting Class 11 Notes

Introduction to accounting class 11 revision notes.

In the introduction to accounting class 11 notes, we will begin by stating the meaning and the need for accounting. Also, we will be learning the process involved in accounting. Thus, we will learn that accounting links decision-makers with economic activities and with the results of their decisions. The chapter also explains the Accounting as Science and Art. Moreover, we will be learning the relevant aspects of accounting. Then, we will come to know as to why the different users (internal and external) need accounting information. Furthermore, we will be studying the different accounting principles, namely: financial accounting, cost accounting, management accounting. Then, we will come to know the qualitative characteristics of Accounting Information. Thus, we will know that it must possess the characteristics of reliability, relevance, understandability, and comparability.

Also, we will be gaining knowledge of the various objectives of accounting. Furthermore, the role of accounting will be described. Moreover, we will be getting knowledge of the basic terms used in accounting such as entity, transaction, asset, liabilities, capital, etc.

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Sub-Topics Covered Under Introduction to Accounting :

Meaning of Accounting : In this Subtopic, we will state the meaning, define the term accounting and describe its relevant aspects.
Basic Terms in Accounting : Under this, we will be explaining the basic terms used in accounting such as entity, transaction, assets, liabilities, etc.
Qualitative Characteristics, Objectives, and Roles of Accounting : In this, we will be describing the qualitative characteristics, objectives, and roles of accounting.
Accounting as a Source of Information : Here, we will know as to how accounting act as a source of information for both internal and external users of information.

You can download CBSE Class 11 Accountancy Chapter 1 Revision Notes by clicking on the download button below

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CBSE Class 11 Accountancy Revision Notes

CBSE Class 11 Accountancy Chapter 13 – Computerised Accounting System Class 11 Notes
CBSE Class 11 Accountancy Chapter 12 – Applications of Computers In Accounting Class 11 Notes
CBSE Class 11 Accountancy Chapter 2 – Theory Base of Accounting Class 11 Notes
CBSE Class 11 Accountancy Chapter 15 – Accounting System using Database Management System Class 11 Notes
CBSE Class 11 Accountancy Chapter 14 – Structuring Database For Accounting Class 11 Notes
CBSE Class 11 Accountancy Chapter 11 – Accounts from Incomplete Records Class 11 Notes
CBSE Class 11 Accountancy Chapter 10 – Financial Statements – II Class 11 Notes
CBSE Class 11 Accountancy Chapter 9 – Financial Statements – I Class 11 Notes
CBSE Class 11 Accountancy Chapter 8 Notes – Bill of Exchange Class 11 Notes
CBSE Class 11 Accountancy Chapter 7 – Depreciation, Provisions and Reserves Class 11 Notes

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MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers

We have compiled the NCERT MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers Pdf free download covering the entire syllabus. Practice MCQ Questions for Class 11 Accountancy with Answers on a daily basis and score well in exams. Refer to the Introduction to Accounting Class 11 MCQs Questions with Answers here along with a detailed explanation.

Introduction to Accounting Class 11 MCQs Questions with Answers

Choose the correct option.

Question 1. The art of recording all business transactions in a systematic manner in a set of books is called- (a) Accounting (b) Book – keeping (c) Ledger (d) None of these.

Answer: (b) Book – keeping

Question 2. The process of recording, classifying and summarizing all business transactions in order to know the financial result is called – (a) Book – keeping (b)Accounting (c) Journalizing (d) None of these.

Answer: (b) Accounting

Introduction to Accounting Questions with Answers

Question 3. Cash, goods or assets invested by the proprietor in the business for earning profit is called- (a) Profit (b) Capital (c) Fixed assets (d) None of these.

Answer: (b) Capital

Question 4. The person, firm or institution who does not pay the price in cash for the goods purchased or the services received is called- (a) Creditor (b) Proprietor (c) Debtor (d)None of these.

Answer: (c) Debtor

Question 5. Book – keeping is- (a) An art (b) A science (c) An art and science both (d) None of these.

Answer: (c) An art and science both

Question 6. Which of the following is not a business transaction? (a) Bought furniture of Rs. 10,000 for business (b) Paid for salaries of employees Rs. 5,000 (c) Paid sons fees from her personal bank account Rs. 20,000 (d) Paid sons fees from the business Rs. 2,000

Answer: (c) Paid sons fees from her personal bank account Rs. 20,000

Question 7. Deepti wants to buy a building for her business today. Which of the following is the relevant data for his decision? (a) Similar business acquired the required building in 2000 for Rs. 10,00,000 (b) Building cost details of 2003 (c) Building cost details of 1998 (d) Similar building cost in August, 2005 Rs. 25,00,000

Answer: (a) Similar business acquired the required building in 2000 for Rs. 10,00,000

Question 8. Which is the last step of accounting as a process of information? (a) Recording of data in the books of accounts (b) Preparation of summaries in the form of financial statements (c) Communication of information (d) Analysis and interpretation of information

Answer: (c) Communication of information

Question 9. Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented? (a) Understandability (b) Relevance (c) Comparability (d) Reliability

Answer: (a) Understandability

Question 10. Use of common unit of measurement and common format of reporting promotes (a) Comparability (b) Understandability (c) Relevance (d) Reliability

Answer: (a) Comparability

Fill in the blanks:

Question 1. Information in financial reports’is based on ……………. transactions.

Answer: economic

Question 2. Internal users are the ……………… of the business entity.

Answer: management/employees

Question 3. A ………………. would most likely use an entities financial report to determine whether or not the business entity is eligible for a loan.

Answer: creditor

Question 4. The Internet has assisted in decreasing the ………………… in issuing financial reports to users.

Answer: time-gap

Question 5. ………………….. users are groups outside the business entity, who uses the information to make decisions about the business entity.

Answer: external

Question 6. Information is said to be relevant if it is ……………….

Answer: free from bias

Question 7. The process of accounting starts with …………….. and ends with ……………….

Answer: identifying the transactions, communicating information

Question 8. Accounting measures the business transactions in terms of ……………….. units.

Answer: monetary

Question 9. Identified and measured economic events should be recording in ……………….. order.

Answer: chronological

Question 10. The document certifying the purchase or sale of goods or any monetary transaction is called …………….

Answer: Voucher

Question 11. The thing which is purchased and sold in the business is called …………….

Answer: Goods

Question 12. The things or properties which helps in smooth functioning of the business and which are owned by the business are called ……………. of the business.

Answer: Assets

Question 13. The unsold goods left at the end of the year is called ……………..

Answer: Closing stock

Question 14. …………… represents the excess of assets over liabilities.

Answer: Capital

State True or False:

Question 1. Trade discount is given on credit transactions only.

Answer: False

Question 2. Furniture purchased by a Trader dealing in Furniture will be treated as ‘purchases’ for him.

Answer: True

Question 3. Cash is a Fixed Asset of a Business.

Question 4. The goods invested at the commencement of the business is called closing stock.

Match the Following

Answer in one word/sentence:

Question 1. Any legal activity performed for earning profit is called.

Answer: Business

Question 2. The head under which transactions pertaining to a person, institution, firm, expenses, assets etc. is recorded is called.

Answer: Account

Question 3. The system in which only one aspect of the transaction is recorded is called.

Answer: Single entry system

Question 4. The concession given on cash transactions is called.

Answer: Cash discount

Hope the information shed above regarding NCERT MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers Pdf free download has been useful to an extent. If you have any other queries of CBSE Class 11 Accountancy Introduction to Accounting MCQs Multiple Choice Questions with Answers, feel free to reach us so that we can revert back to us at the earliest possible.

MCQ Questions Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers

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Free PDF Download of CBSE Class 11 Accountancy Chapter 1 Introduction to Accounting Multiple Choice Questions with Answers.Based on Latest Exam Pattern. Students can solve MCQ NCERT Class 11 Accountancy Chapter 1 Introduction to Accounting Multiple Choice Questions with Answers to know their preparation level.

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Introduction to Accounting Class 11 MCQs Questions with Answers

Class 11 Accountancy Chapter 1 Introduction to Accounting MCQ Questions with Answers

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1. Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented?

2. Management accounting provides valuable services to management in performing

3. Accounting is the language of

4. The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –

5. Basic function of financial accounting is to

6. The Pioneer of Accounting is:

7. Cash, goods or assets invested by the proprietor in the business for earning profit is called-

8. Use of common unit of measurement and common format of reporting promotes

9. Which of the following accounts has a credit balance?

10. The art of recording all business transactions in a systematic manner in a set of books is called-

11. The unsold merchandise of business on particular day is called

12. Which of the following is not a business transaction?

13. Book – keeping is-

14. Discounts received are

15. Which of the following limitations of accounting states that accounts may be manipulated to conceal vital facts :

16. Internal users of accounting information are :

17. Goodwill account is a

18. Which of the following will not be recorded in the books of account?

19. Which is the last step of accounting as a process of information?

20. Out of the following assets, which one is not an intangible asset?

Hope the information shed above regarding MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers Pdf free download has been useful to an extent. If you have any other queries about CBSE Class 11 Accountancy Chapter 1 Introduction to Accounting MCQs Multiple Choice Questions with Answers, feel free to comment below so that we can revert back to us at the earliest possible

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Important Questions for CBSE Class 11 Accountancy Chapter 2 - Theory Base of Accounting

Theory Based of Accounting Important Questions for CBSE Class 11- Free PDF Download

Class 11 Accountancy important questions with answers are provided here for Chapter 2 – Theory Based if Accounting in a free downloadable pdf format. These important questions are prepared by the experts considering the 2023-24 CBSE Class 11 Accountancy syllabus and the previous year's question papers.

B y practicing these Class 11 Theory Based Accounting important questions, students can quickly revise all of the important topics of the chapter and prepare better for the Class 11 annual examinations.

The pdf consists of all types of questions, whether very short, short, or long. Also, the questions from the basic level to the higher level are provided to make the student prepare better for the exam. Solving these questions will familiarize students with the type of questions that are more likely asked in the Accountancy exam from this chapter. To get the free PDF download of Important Questions for CBSE Class 11 Accountancy Chapter 2, students simply have to click once on the pdf link below.

Topics Covered in Class 11 Accountancy Chapter 2

2.1: Generally Accepted Accounting Principles

2.2: Basic Accounting Concepts

2.2.1: Business Entity Concepts

2.2.2: Money Measurement Concepts

2.2.3: Going Concern Concepts

2.2.4: Accounting Period Concepts

2.2.5: Cost Concepts

2.2.6: Dual Aspect Concepts

2.2.7: Revenue Recognition Concepts

2.2.8:Matching Concepts

2.2.9: Full Disclosure Concepts

2.2.10:Consistency Concept

2.2.11: Conservatism Concepts

2.2.12: Materiality Concept

2.2.13: Objectivity Concepts

2.3: System of Accounting

2.4: Basis of Accounting

2.5: Accounting Standards

2.6: Goods And Service Tax

Study Important Questions for Class 11 Accountancy Chapter 2 – Theory Base of Accounting

Very short answer questions – 1 Mark

1. What are the different bases of accounting?

Ans: The time when various financial transactions are documented is referred to as an accounting basis. The cash basis (EU VAT terminology: cash accounting) and the accrual basis are the two most used accounting methods for monitoring income and expenses. Different bases of accounting are

• Cash basis

• Accrual basis

2. How is the total amount of capital calculated?

Ans: Current assets less current liabilities is a common formula for calculating total working capital. This is a critical indicator that represents the amount of cash on hand to run your firm on a daily basis. Capital is defined as "retained earnings" in broad terms. Capital = Assets - Liabilities

3. What is GST?

Ans: The Goods and Services Tax (GST) is a destination-based tax on the consumption of goods and services.

4. Define accounting?

Ans: Accounting is defined as the process of detecting, measuring, collecting, documenting, classifying, analysing, and conveying financial data to users.

5. What are the basic accounting equations?

Ans: Liabilities + Capital = Assets It signifies that the overall monetary value of a company's assets is equal to the total claims, which include both insiders and outsiders.

Short Answer Questions – 2 Marks

1. What do you mean by the accrual basis of accounting?

Ans: Revenue and cost are recorded in the time in which they occur rather than when they are paid under this accounting technique.

2. Explain Money Measurement Concept?

Ans: Only those transactions and events in an organisation can be described in terms of money, according to the concept of money measurement.

3. What are the 5 accounting concepts?

Ans: The following are some fundamental accounting concepts: -.

• Going Concern Concept

• Matching Concept

• Materiality Concept

• Business Entity Concept

• Consistency

4. Explain the Benefits of Accounting standards?

Ans: The benefit of accounting standards are as follow:

• Accounting standards aid in the preparation of financial statements by removing differences in accounting treatment.

• Accounting standards make it easier to compare financial accounts from different companies.

5. Which authority will levy and administer GST?

Ans: CGST and IGST would be levied and administered by the Centre, whereas SGST will be levied and administered by the states.

Short answer questions – 3 Marks

1. Define the concept of Dual Aspect .

Ans: Every transaction has two parts: a debit and a credit, both of which have the same amount. It indicates that for every debit, there is a credit in one or more accounts of the same or equal value, and vice versa. Both the debit and credit elements of debit and credit are recorded in the books of accounts according to the Dual Aspect.

2. What is meant by IGST?

Ans: The Integrated Goods and Services Tax (IGST) is a tax that applies to both goods and services. The Integrated Goods and Service Tax Act of 2016 governs IGST. When goods or services are sold from one state to another, the IGST is applied. CGST and SGST are two other taxes that fall under the Goods and Service Tax umbrella. They define the concept of "one tax, one nation" when taken together.

3. What are the Components of GST?

Ans: GST is made up of three parts:

• CGST, or Central Goods and Service Tax, is a tax levied by the Central government on purchases made within a state.

• SGST, or State Goods and Service Tax, is a tax levied by the state government on purchases made within the state.

• IGST, or Integrated Goods and Services Tax, is a federal tax that is collected for interstate commerce.

4. Explain Three Limitations of Accounting Standards?

Ans: The following are the three limits of accounting standards:

• Accounting standards make it difficult to choose between alternative accounting treatments.

• It is firmly adhered to and does not allow for any flexibility in the application of accounting rules.

• The statute cannot be overridden by accounting standards. The standards must be framed in the context of the current situation.

5. What is GAAP?

Ans: GAAP is basic accounting principles and guidelines that serve as the foundation for more extensive and comprehensive accounting regulations, standards, and other industry-specific accounting practices.

Long Answer Questions- 5 Marks

1. Give all the types of taxes that are subsumed under the centre and state level GST?

Ans: Following are the types of taxes subsumed under central level and state level GST:

2. Explain IFRS? State its uses.

Ans: By using a single set of accounting rules, the International Financial Reporting Standards (IFRS) help to promote global standardisation. The International Accounting Standards Board (IASB) produced the International Financial Reporting Standards (IFRS) (IASB).

The International Financial Reporting Standards (IFRS) are used in the following ways: The International Financial Reporting Standards (IFRS) are beneficial in a variety of ways.

• The International Financial Reporting Standards (IFRS) make comparing financial accounts from different companies a breeze.

• Auditors and accountants can give better services to their clients by adopting IFRS, and a company's management can implement its business strategies on a worldwide scale by using IFRS.

3. State the differences between the accrual basis of accounting and the cash basis of accounting.

Ans :: The difference between the accrual and cash accounting System are as follow:

4. Why is it necessary for accountants to assume that the business entity will remain a going concern?

Ans : The corporate entity is considered a going concern by the accountants since it provides the basis for reflecting the value of the assets on the balance sheet. This assumption allows the company to charge only the portion of the asset that has been consumed or used to generate revenue within a certain period. The remainder of the asset will be carried forward over the next few years.

5. When should revenue be recognized? Are there exceptions to the general rule?

Ans: The appropriate time to recognise revenue is when it is realised, that is, when the legal right to receive the revenue emerges. For instance, when products have been sold or services have been delivered. As a result, even though the money is collected later, the credit sales will be counted as revenue. The following are some deviations to the revenue realisation principle:

1. When products are sold on hire purchase, the amount collected in instalments is treated as realised; in contracts such as building work.

2. when extended periods of time are involved, the amount collected in instalments is treated as realised. The revenue is deemed to be recognised on a regular basis in proportion to the amount of contract work accomplished in this situation.

Benefits of CBSE Important Questions for Class 11 Accountancy Chapter 2

With constant practice of these CBSE Class 11 Accountancy Chapter 2 important questions, students can reap the following benefits:

Students will be able to improve their speed of solving the questions as they have practiced good questions from the chapter before the exam.

By having a glance at the question, students get to know whether the question is a difficult, moderate, or easy one and how much time it will take to complete.

They could easily write the accurate answer in the exam if the related questions are asked.

It will give good practice to students to tackle different levels of questions and thus boost their confidence in the exam

It will help in analyzing their weakness and where they need more practice. Thus working on those areas more will improve their performance in the final exam.

Extra Questions For Practice

What does the business entity concept assume?

Define the accounting period.

Explain the matching and consistency concepts briefly.

Define a single-entry system of accounting.

What are accounting standards?

Why is there a need for accounting standards?

Mention two benefits and limitations of accounting standards?

Why is there a need for IFRS?

Explain the term ‘GST’ briefly,

List different characteristics of Goods and Service Tax.

CBSE Class 11 Accountancy Important Questions

Chapter 1 - Introduction To Accounting

Chapter 3 - Recording Of Transactions 1

Chapter 4 - Recording Of Transactions 2

Chapter 5 - Bank Reconciliation Statement

Chapter 6 - Trial Balance And Rectification Of Errors

Chapter 7 - Depreciation, Provisions & Reserves

Chapter 8 - Bill Of Exchange

Chapter 9 - Financial Statements 1

Chapter 10 - Financial Statements 2

Chapter 11 - Accounts From Incomplete Records

Chapter 12 - Applications Of Computer In Accounting

Chapter 13 - Computerised Accounting System

We hope this article helped you understand the important topics of Accountancy Chapter 2- Theory Based on Accounting. Practicing the important questions provided on this page gives you an idea of the chapter's important concepts from which questions can more likely be asked in the exam. It will also help you answer the related questions accurately in the exam. You can check out Vedantu’s website for Class 11 chapter-wise important questions, NCERT Solutions, and last-minute revision notes for all other subjects in free PDF format.

FAQs on Important Questions for CBSE Class 11 Accountancy Chapter 2 - Theory Base of Accounting

1. What is a matching concept and why should a business follow this concept?

While determining the profit of the year, the matching concept states that all the expenses that had incurred during the year, whether they be paid or not, and all the revenues that had been earned during that year, whether they had been received or not, should always be taken into consideration.

Every business has to follow this to be certain of the true profit and loss during the given accounting period.

2. What is the money measurement concept?

The money measurement concept is a concept that states that only those events can be expressed in the monetary terms that are recorded in the books of accounts. The money measurement concept helps in maintaining consistency in the accounting records. This is because money is the common mode of denomination of all transactions.

3. Why is it necessary for accountants to assume that business entities will remain a going concern?

The going concern concept explains that any business entity will continue its process for a long period of time. It is important to have this assumption because it aids in bifurcating the revenue expenditure and capital expenditure.

For a more in-depth understanding of the concepts for this chapter, it is important that the student refers to the NCERT Solutions by Vedantu and goes through all the exercises. This will help them achieve a strong understanding of the topics.

4. Are NCERT solutions available for Class 11 Accountancy Chapter 2?

Yes, the NCERT Solutions for Class 11 Accountancy Chapter 2 are available for students to prepare the chapter concepts better for the exams. Class 11 students can download NCERT Solutions For Class 11 Accountancy Chapter 2 free pdf from Vedantu’s official page or by downloading Vedantu’s app.

5. How to prepare for the Class 11 Accountancy Chapter 2?

Before anything, the student should make a routine and follow it regularly. They should take it upon themselves to study the chapter thoroughly and mark all the important areas so that it becomes easier for them to access these in time of need. The most important step that the student should take is to follow the NCERT Solutions by Vedantu. The student should read and practise all the exercises and be thorough with these. This will help them do well in the examination.

ACCOUNTANCY FOR CLASS 11 CHAPTER 1 INTRODUCTION TO ACCOUNTING MCQS ALONG WITH ANSWERS

Free CBSE Accountancy Multiple Choice Questions for Class 11 along with answers Chapter 1: Introduction to Accounting. Accountancy MCQs for Class 11 chapter-wise with answers are prepared based on the current exam pattern. Students can tackle MCQs with answers to realise their spadework level.

1. Bookkeeping is ______.

(b) A science

(d) None of these

Answer: (c) Both an art as well as science

2. ___________ is the last step of accounting as a process of information.

(a) Recording of data in the books of accounts

(b) Preparations of summaries in the form of financial statement

(d) Analysis and interpretation of information

Answer: (c) Communication of information

3. The person, firm, or institution who does not pay the price in cash for the goods purchased or the services received is called ______.

(a) Creditor

(b) Proprietor

Answer: (c) Debtor

4. Use of a common unit of measurement and common format of reporting promotes _____.

(a) Comparability

(b) Understandability

(d) Reliability

Answer: (a) Comparability

5. Cash, goods, or assets invested by the proprietor in the business for earning profit is called ______.

(b) Capital

Answer: (b) Capital

6. Which qualitative characteristics of accounting information are reflected when accounting information is clearly presented?

Answer: (b) Understandability

7. The process of recording, classifying, and summarising all business transactions in order to know the financial result is called ______.

(a) Bookkeeping

(b) Accounting

Answer: (b) Accounting

8. Which of the following is not a business transaction?

(a) Bought furniture of Rs. 10,000 for business

(b) Paid for salaries of employees Rs. 5,000

(d) Paid son’s fees from the business Rs. 2,000

Answer: (c) Paid son’s fees from her personal bank account Rs. 20,000

9. The art of recording all business transactions in a systematic manner in a set of books is called _____.

(a) Accounting

(b) Bookkeeping

Answer: (b) Bookkeeping

10. XYZ wants to buy a building for her new business today. Which of the following is the relevant data for her decision?

(a) Similar business acquired the required building in 2000 for Rs. 10,00,000

(b) Building cost details of 2003

(d) Similar building cost in August 2005 for Rs. 25,00,000.

Answer: (a) Similar business acquired the required building in 2000 for Rs. 10,00,000

We trust that the offered Accountancy MCQs for Class 11 with responses Chapter 1: Introduction to Accounting will help you. Assuming you have any questions with respect to CBSE Class 11 Accountancy, Introduction to Accounting MCQs, drop a remark underneath, and we will hit you up at the most punctual.

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Introduction to Accounting: Case Based Type Questions | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year PDF Download

Read the following hypothetical Case Study and answer the given questions: Accounting is the most important part of any business entity. It gives the framework to record all the business transactions and events that happens during the working of the business entity. Accounting is the language of business with books of accounts being its script and debit-credit its style i.e. the way of expressing it. According to the American Accounting Association, “Accounting is the process of identifying, measuring and communicating information to permit judgement and decisions by the users of accounts.” According to American Institute of Certified Public Accountants – ‘‘Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are, in part at least of a financial character and interpreting the result thereof.” Accounting is an Art as well as Science. It records Financial Transactions only which can be expressed in terms of money. First the transactions are recorded and then they are classified and summarised to interpret the financial position of the business. One needs to keep in mind that Accounting and Accountancy are two different concepts. Accounting is the recording, classifying and summarising business transactions to ascertain the financial position of the business firm. On the other hand, Accountancy is the body of knowledge based on principles for recording, classifying and summarising business transactions to help in the decision making function of management. Accounting is an art of recording, classifying and summarising all the business transactions. It is a science as well as it follows certain guiding accounting principles and standards. Question 1: Accounting gives the _________ to record all the business transaction. (a) Framework (b) Process (c) Money (d) Classification

Correct Answer is Option (a) Business transactions are ordinarily summarized in books called journals and ledgers. You can buy them at your local stationery or office supply store. A journal is a book where you record each business transaction shown on your supporting documents.

Question 2: Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are, in part at least of a financial character and interpreting the result thereof. This definition of Accounting is given by: (a) Indian Institute of Chartered Accountants (b) American Accounting Association (c) American Institutes of Certified Public Accountants (d) International Financial Regulation System

Correct Answer is Option (c) In 1941, The american institute of Certified Public Accounts (AICPA) had defined accounting as the art of recording, classifying and summerising in a significant manner and in terms of ,money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof. With greater economic development resulting in changing role of accounting its scope become broader.

Question 3: Accounting is called science because it follows certain guiding ___________.

Answer: Accounting principles and standards

Question 4: Accounting records only __________ transactions.

Answer: Financial

Read the following hypothetical Case Study and answer the given questions: Business Transactions are only recorded in the Accounting Books of a firm and no other transaction that happens in the day to day functioning of the business. Now the question arises what exactly is the Business transactions? To answer this basic question we need to see that the transaction fulfils the basic criteria. First one being the transaction should be an economic activity, that is it should create an income for the firm or an expense for it. Like we can say that the payment of salary to the staff is a business transaction but persuading a customer to buy a product or hiring a staff for that matter is not a business transaction. Secondly, the transaction should change the financial position of the firm, that is it should either raise the income of the firm or create debt for the firm. For example, even if the goods are bought on credit, increasing creditors of the firm, it is a business transaction as it is creating a debt for the firm. But obviously, praising a staff for his work to sell the product at a better profit, is not termed as business transaction although it motivates the employee but does not result in changing the financial position of the firm. Lastly, the transaction should be able to be expressed in terms of money. Every business transaction lead to an event, that is a consequence of the transaction. Say for example, when the goods bought for ₹30,000 is sold for ₹32,000, the profit ₹2,000 is the event. In other words, we can say that event is what a transaction does for the business entity. Every transaction is supported by a document that provides the authorisation and allows the transaction to be recorded in the books of accounts. It varies from entity to entity and every transaction needs to have a separate uniquely numbered voucher. When we talk of business transactions, everything inclusive of acquiring of assets, whether current or non-current, and incurring of liability, whether internal, external, current or non-current, is present. The change in stock due to sale or purchase whether cash or credit, the expenses incurred, and other revenue generated are all business transactions, that are called events and have separate unique vouchers. Question 5: Business Transaction of _____________ nature. (a) Economic (b) Monetary (c) Financial (d) All of the above

Correct Answer is Option (d) The purchase and sale of goods for cash or on credit, the receipts and payments of cash etc., are termed as business transactions since these activities involve exchange of values between parties. A business transaction therefore results in some property, goods or services changing hands.

Question 6: Business Transactions leads to an _________, that is nothing but its consequence.

Answer: Event

Question 7: Which of the following is not a business transaction? (a) Buying of Furniture (b) Paying salaries of the accountant (c) Giving a motivation speech to the employee (d) Buying a good for personal use from the office money

Correct Answer is Option (c) In the context of accounting, a nonfinancial transaction is a transaction in which assets, liabilities, expenses, income, and equity do not change. An example of this would be hiring an employee. No journal entry is necessary for a non-financial transaction.

Question 8: Every business transaction is accompanied by _______________ voucher.

Answer: Separate uniquely numbered

Question 9: Pick the odd one out: (a) Bank Loan (b) Cash at Bank (c) Creditors (d) Bills Payable

Correct Answer is Option (b) Cash at Bank: The total amount of money held at the bank by a person or company, either in current or deposit accounts. It is included in the balance sheet under current assets.

Question 10: Pick the odd one out: (a) Cash in Hand (b) Cash at Bank (c) Debtors (d) Creditors

Correct Answer is Option (d) A creditor is an entity (person or institution) that extends credit by giving another entity permission to borrow money intended to be repaid in the future. Creditors can be classified as either personal or real. People who loan money to friends or family are personal creditors.

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Class 11 Accountancy Case Studies Questions
Accountancy syllabus of class 11 CBSE. The entire Accountancy course is divided into 2 parts: Most of the case study questions are centered around the exercises of NCERT textbooks. It is recommended to read the textbooks religiously. There are 2 prescribed textbooks for class 11 Accountancy that have been published by NCERT.
Chapter 1 Introduction to Accounting Case Study Questions
Case Study Questions Chapter 1 Introduction to Accounting. Read the following case study and answer questions. Sen and Shetty are two friends who both have just attended their first class of accountancy .The friends were intrigued by the different branches of accounting and their widespread application. Sen personally liked the branch of ...
introduction to accounting class 11 case study questions
Important Questions Class 11 Please refer to the Chapter 1 Introduction to Accounting Case Study Questions with answers provided below. We have provided Case Study Questions for Class 11 Accountancy for all chapters as per CBSE, NCERT and KVS examination guidelines. These case based questions are expected to come in your exams this year....
CBSE 11th Standard CBSE Accountancy Case study Questions
CBSE 11th Standard CBSE Accountancy English medium question papers, important notes , study materials , Previuous Year questions, Syllabus and exam patterns. Free 11th Standard CBSE Accountancy books and syllabus online. Practice Online test for free in QB365 Study Material. Important keywords, Case Study Questions and Solutions. Updates about latest education news and Scholorships in one place
Important Questions for Chapter 1 Introduction to Accounting
Important Questions with Answers for CBSE Class 11 Accountancy Chapter 1 Introduction to Accounting which is outlined by expert Accountancy teachers from the latest version of CBSE (NCERT) books.. CBSE Class 11 Accountancy Chapter -1 Important Questions. Question 1. Define Accounting. Answer: According to the American Institute of Certified Public Accountants, Accounting is, 'It is an art of ...
CBSE Class 11 Accounts Chapter 1 Question Answers
The questions covered in the Class 11 Accountancy Chapter 1 Important Questions list include a comprehensive list of questions from the entire chapter, ensuring that solving them helps with the revision of the entire chapter. For students in Classes 1 through 12, Extramarks offers high-quality resources such as NCERT revision notes, CBSE sample ...
Important Questions for CBSE Class 11 Accountancy Chapter 1 ...
The important questions for Chapter 1 of Class 11 Accountancy are available in PDF format, which is free to download. Students can access the important questions directly from Vedantu. They are designed by the best teachers with utmost care to help the students gain strong knowledge on the important concepts which are important from the exam ...
NCERT Solution for Class 11 Accountancy Chapter 1 Introduction to
Short Answers for Class 11 Accountancy Chapter 1 - Introduction to Accounting. 1. Define Accounting. Accounting is defined as the systematic process of identifying, recording, classifying, summarising, interpreting and communicating information about financial transactions to the users of the accounting information, such as the owners ...
Class 11 Accountancy Sample Papers, Notes & CBQs
The student-centric MyCBSEguide app, best known for its premium content, brings study material for the Class 11 Accountancy like syllabus, CBSE previous years' question papers, sample papers, revision notes, important questions, online tests, and learning videos. Most of our test papers are available in PDF format which can be easily downloaded.
NCERT Solutions for Class 11th: Ch 1 Introduction to Accounting Accountancy
Short Answers. 1. Define Accounting. Answer. Accounting is the art of recording, classifying, summarising and communicating financial information to users for correct decision making. 2. State the end product of financial accounting. Answer. The end product of financial accounting are Trading account, Profit and loss account and Balance sheet.
Case Study Questions Class 11 Accountancy With Answers
Chapter Wise Important Questions for Class 11 Accountancy with Answers. Class 11 Accountancy Part 1. Chapter 1 Introduction to Accounting. Chapter 2 Theory Base of Accounting. Chapter 3 Recording of Transactions - I. Chapter 4 Recording of Transactions - II. Chapter 5 Bank Reconciliation Statement. Chapter 6 Trial Balance and Rectification ...
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With our Class 11 Accountancy Notes PDF download, students can study at their convenience. We provide revision notes for all subjects, which students can free PDF download to their devices. Apart from revision notes, we also have solutions for all subjects and interactive online classes. Subject experts conduct these classes.
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Download CBSE Class 11 Accountancy Important Questions 2023-24 PDF. Also, check CBSE Class 11 Accountancy Important Questions for All chapters: CBSE Class 11 Accountancy Important Questions. Chapter 1 - Introduction To Accounting Important Questions. Chapter 2 - Theory Base of Accounting Important Questions.
Introduction to Accounting Class 11 Notes PDF (Handwritten ...
All students studying in Class 11 need to go through the Introduction to Accounting Class 11 notes. Simplest steps to download the notes are: Open the Selfstudys website. Click the navigation bar, a drop down menu will appear, select NCERT Books and Solutions from the given list. Now select NCERT Notes from the list.
Important Questions for Class 11 Accountancy
Important Questions for Class 11 Accountancy are prepared by subject matter experts from the latest version of CBSE books. Students are advised to follow the given Class 11 Accountancy chapter wise important questions along with the answers. Studying these would positively help the students to score good marks in board exams.
CBSE Class 11 Accountancy Chapter 1
In the introduction to accounting class 11 notes, we will begin by stating the meaning and the need for accounting. Also, we will be learning the process involved in accounting. Thus, we will learn that accounting links decision-makers with economic activities and with the results of their decisions. The chapter also explains the Accounting as ...
Class 11 Accountancy Chapter 1
Definition of Accounting. Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business. The American Institute of Certified Public ...
MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to
Refer to the Introduction to Accounting Class 11 MCQs Questions with Answers here along with a detailed explanation. Introduction to Accounting Class 11 MCQs Questions with Answers. Choose the correct option. Question 1. The art of recording all business transactions in a systematic manner in a set of books is called-(a) Accounting
MCQ Questions Class 11 Accountancy Chapter 1 Introduction to Accounting
Introduction to Accounting Class 11 MCQs Questions with Answers. Please enter your email: 1. Accounting is the language of. 2. Internal users of accounting information are : 3. Goodwill account is a. Nominal Account.
Important Questions for CBSE Class 11 Accountancy Chapter 2
CBSE Class 11 Accountancy Important Questions. Chapter 1 - Introduction To Accounting. Chapter 3 - Recording Of Transactions 1. Chapter 4 - Recording Of Transactions 2. Chapter 5 - Bank Reconciliation Statement. Chapter 6 - Trial Balance And Rectification Of Errors. Chapter 7 - Depreciation, Provisions & Reserves. Chapter 8 - Bill Of Exchange
MCQs for accountancy Class 11 Chapter 1
Free CBSE Accountancy Multiple Choice Questions for Class 11 along with answers Chapter 1: Introduction to Accounting. Accountancy MCQs for Class 11 chapter-wise with answers are prepared based on the current exam pattern. Students can tackle MCQs with answers to realise their spadework level. 1. Bookkeeping is ______. (a) An art. (b) A science.
Introduction to Accounting: Case Based Type Questions
Document Description: Introduction to Accounting: Case Based Type Questions for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation. The notes and questions for Introduction to Accounting: Case Based Type Questions have been prepared according to the SSC CGL exam syllabus.

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11th Standard CBSE Subjects

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Class VI to XII

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Important Questions for CBSE Class 11 Accounts Chapter 1 – Introduction to Accounting

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Accountancy Class 11 Important Questions and Answers

Question 1. What is Accounting? Define its objectives?

Question 2. The art of recording all business transactions in a systematic manner in a set of books is called-

Question 3. Cash, goods or assets invested by the proprietor in the business for earning profit is called-

Question 4. Define Debtors and Creditors of the company

Question 5. Mention 2 Differences between Accounting and Accountancy.

Question 7. Who are the users of accounting information?

Question 8. Enumerate informational needs of management

Question 9. Giving examples, explain each of the following accounting terms:

Question 10. What are the 3 advantages of accounting?

Question 11. Define revenues and expenses.

Question 12. Define the branches of accounting.

Question 13. Describe the role of accounting in the modern world.

Question 14. Differentiate between profit and gain.

Question 15. Fill in the blanks

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