NCERT Textbook - Introduction to Accounting Commerce Notes | EduRev

Accountancy Class 11

Created by: Nipuns Institute

Commerce : NCERT Textbook - Introduction to Accounting Commerce Notes | EduRev

 Page 1


LEARNING OBJECTIVES
After studying this chapter
you will be able to:
• state the meaning and
need of accounting;
• discuss accounting as
a source of information ;
• identify the internal
and external users of
accounting information;
• explain the objectives
of accounting;
• describe the role of
accounting;
• explain the basic terms
used in accounting.
O
ver the centuries, accounting has remained
confined to the financial record-keeping
functions of the accountant. But, today’s rapidly
changing business environment has forced the
accountants to reassess their roles and functions
both within the organisation and the society. The
role of an accountant has now shifted from that of
a mere recorder of transactions to that of the
member providing relevant information to the
decision-making team. Broadly speaking,
accounting today is much more than just book-
keeping and the preparation of financial reports.
Accountants are now capable of working in exciting
new growth areas such as: forensic accounting
(solving crimes such as computer hacking and the
theft of large amounts of money on the internet); e-
commerce (designing web-based payment system);
financial planning, environmental accounting, etc.
This realisation came due to the fact that accounting
is capable of providing the kind of information that
managers and other interested persons need in
order to make better decisions. This aspect of
accounting gradually assumed so much importance
that it has now been raised to the level of an
information system. As an information system, it
collects data and communicates economic
information about the organisation to a wide variety
of users whose decisions and actions are related to
its performance. This introductory chapter
therefore, deals with the nature, need and scope of
accounting in this context.
Introduction to Accounting 1
2019-2020
Page 2


LEARNING OBJECTIVES
After studying this chapter
you will be able to:
• state the meaning and
need of accounting;
• discuss accounting as
a source of information ;
• identify the internal
and external users of
accounting information;
• explain the objectives
of accounting;
• describe the role of
accounting;
• explain the basic terms
used in accounting.
O
ver the centuries, accounting has remained
confined to the financial record-keeping
functions of the accountant. But, today’s rapidly
changing business environment has forced the
accountants to reassess their roles and functions
both within the organisation and the society. The
role of an accountant has now shifted from that of
a mere recorder of transactions to that of the
member providing relevant information to the
decision-making team. Broadly speaking,
accounting today is much more than just book-
keeping and the preparation of financial reports.
Accountants are now capable of working in exciting
new growth areas such as: forensic accounting
(solving crimes such as computer hacking and the
theft of large amounts of money on the internet); e-
commerce (designing web-based payment system);
financial planning, environmental accounting, etc.
This realisation came due to the fact that accounting
is capable of providing the kind of information that
managers and other interested persons need in
order to make better decisions. This aspect of
accounting gradually assumed so much importance
that it has now been raised to the level of an
information system. As an information system, it
collects data and communicates economic
information about the organisation to a wide variety
of users whose decisions and actions are related to
its performance. This introductory chapter
therefore, deals with the nature, need and scope of
accounting in this context.
Introduction to Accounting 1
2019-2020
2 Accountancy
1.1 Meaning of Accounting
In 1941, The American Institute of Certified Public Accountants (AICPA) had
defined accounting as 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 financial character, and interpreting the results thereof’.
With greater economic development resulting in changing role of accounting,
its scope, became broader. In 1966, the American Accounting Association
(AAA) defined accounting as ‘the process of identifying, measuring and
communicating economic information to permit informed judgments and
decisions by users of information’.
In 1970, the Accounting Principles Board of AICPA also emphasised that
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.
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
Fig. 1.1 : Showing the process of accounting
2019-2020
Page 3


LEARNING OBJECTIVES
After studying this chapter
you will be able to:
• state the meaning and
need of accounting;
• discuss accounting as
a source of information ;
• identify the internal
and external users of
accounting information;
• explain the objectives
of accounting;
• describe the role of
accounting;
• explain the basic terms
used in accounting.
O
ver the centuries, accounting has remained
confined to the financial record-keeping
functions of the accountant. But, today’s rapidly
changing business environment has forced the
accountants to reassess their roles and functions
both within the organisation and the society. The
role of an accountant has now shifted from that of
a mere recorder of transactions to that of the
member providing relevant information to the
decision-making team. Broadly speaking,
accounting today is much more than just book-
keeping and the preparation of financial reports.
Accountants are now capable of working in exciting
new growth areas such as: forensic accounting
(solving crimes such as computer hacking and the
theft of large amounts of money on the internet); e-
commerce (designing web-based payment system);
financial planning, environmental accounting, etc.
This realisation came due to the fact that accounting
is capable of providing the kind of information that
managers and other interested persons need in
order to make better decisions. This aspect of
accounting gradually assumed so much importance
that it has now been raised to the level of an
information system. As an information system, it
collects data and communicates economic
information about the organisation to a wide variety
of users whose decisions and actions are related to
its performance. This introductory chapter
therefore, deals with the nature, need and scope of
accounting in this context.
Introduction to Accounting 1
2019-2020
2 Accountancy
1.1 Meaning of Accounting
In 1941, The American Institute of Certified Public Accountants (AICPA) had
defined accounting as 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 financial character, and interpreting the results thereof’.
With greater economic development resulting in changing role of accounting,
its scope, became broader. In 1966, the American Accounting Association
(AAA) defined accounting as ‘the process of identifying, measuring and
communicating economic information to permit informed judgments and
decisions by users of information’.
In 1970, the Accounting Principles Board of AICPA also emphasised that
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.
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
Fig. 1.1 : Showing the process of accounting
2019-2020
3 Introduction to Accounting
information. In order to appreciate the exact nature of accounting, we must
understand the following relevant aspects of the definition:
• Economic Events
• Identification, Measurement, Recording and Communication
• Organisation
• Interested Users of Information
Box  1
History and Development of Accounting
Accounting enjoys a remarkable heritage. The history of accounting is as old as
civilisation. The seeds of accounting were most likely first sown in Babylonia and
Egypt around 4000 B.C. who recorded transactions of payment of wages and taxes
on clay tablets. Historical evidences reveal that Egyptians used some form of
accounting for their treasuries where gold and other valuables were kept. The incharge
of treasuries had to send day wise reports to their superiors known as Wazirs (the
prime minister) and from there month wise reports were sent to kings. Babylonia,
known as the city of commerce, used accounting for business to uncover losses
taken place due to frauds and lack of efficiency. In Greece, accounting was used for
apportioning the revenues received among treasuries, maintaining total receipts,
total payments and balance of government financial transactions. Romans used
memorandum or daybook where in receipts and payments were recorded and
wherefrom they were posted to ledgers on monthly basis. (700 B.C to 400 A.D).
China used sophisticated form of government accounting as early as 2000 B.C.
Accounting practices in India could be traced back to a period when twenty three
centuries ago, Kautilya, a minister in Chandragupta’s kingdom wrote a book named
Arthashasthra, which also described how accounting records had to be maintained.
       Luca Pacioli’s, a Franciscan friar (merchant class), book Summa de
Arithmetica, Geometria, Proportion at Proportionality  (Review of Arithmetic and Geometric
proportions) in Venice (1494) is considered as the first book on double entry book-
keeping. A portion of this book contains knowledge of business and book-keeping.
However, Pacioli did not claim that he was the inventor of double entry book-keeping
but spread the knowledge of it. It shows that he probably relied on then–current
book-keeping manuals as the basis for his masterpiece. In his book, he used the
present day popular terms of accounting Debit (Dr.) and Credit (Cr.). These were the
concepts used in Italian terminology. Debit comes from the Italian debito which comes
from the Latin debita and debeo which means owed to the proprietor. Credit comes
from the Italian credito which comes from the Latin ‘credo’ which means trust or belief
(in the proprietor or owed by the proprietor. In explaining double entry system, Pacioli
wrote that ‘All entries… have to be double entries, that is if you make one creditor, you
must make some debtor’. He also stated that a merchants responsibility include to
give glory to God in their enterprises, to be ethical in all business activities and to
earn a profit. He discussed the details of memorandum, journal, ledger and specialised
accounting procedures.
2019-2020
Page 4


LEARNING OBJECTIVES
After studying this chapter
you will be able to:
• state the meaning and
need of accounting;
• discuss accounting as
a source of information ;
• identify the internal
and external users of
accounting information;
• explain the objectives
of accounting;
• describe the role of
accounting;
• explain the basic terms
used in accounting.
O
ver the centuries, accounting has remained
confined to the financial record-keeping
functions of the accountant. But, today’s rapidly
changing business environment has forced the
accountants to reassess their roles and functions
both within the organisation and the society. The
role of an accountant has now shifted from that of
a mere recorder of transactions to that of the
member providing relevant information to the
decision-making team. Broadly speaking,
accounting today is much more than just book-
keeping and the preparation of financial reports.
Accountants are now capable of working in exciting
new growth areas such as: forensic accounting
(solving crimes such as computer hacking and the
theft of large amounts of money on the internet); e-
commerce (designing web-based payment system);
financial planning, environmental accounting, etc.
This realisation came due to the fact that accounting
is capable of providing the kind of information that
managers and other interested persons need in
order to make better decisions. This aspect of
accounting gradually assumed so much importance
that it has now been raised to the level of an
information system. As an information system, it
collects data and communicates economic
information about the organisation to a wide variety
of users whose decisions and actions are related to
its performance. This introductory chapter
therefore, deals with the nature, need and scope of
accounting in this context.
Introduction to Accounting 1
2019-2020
2 Accountancy
1.1 Meaning of Accounting
In 1941, The American Institute of Certified Public Accountants (AICPA) had
defined accounting as 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 financial character, and interpreting the results thereof’.
With greater economic development resulting in changing role of accounting,
its scope, became broader. In 1966, the American Accounting Association
(AAA) defined accounting as ‘the process of identifying, measuring and
communicating economic information to permit informed judgments and
decisions by users of information’.
In 1970, the Accounting Principles Board of AICPA also emphasised that
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.
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
Fig. 1.1 : Showing the process of accounting
2019-2020
3 Introduction to Accounting
information. In order to appreciate the exact nature of accounting, we must
understand the following relevant aspects of the definition:
• Economic Events
• Identification, Measurement, Recording and Communication
• Organisation
• Interested Users of Information
Box  1
History and Development of Accounting
Accounting enjoys a remarkable heritage. The history of accounting is as old as
civilisation. The seeds of accounting were most likely first sown in Babylonia and
Egypt around 4000 B.C. who recorded transactions of payment of wages and taxes
on clay tablets. Historical evidences reveal that Egyptians used some form of
accounting for their treasuries where gold and other valuables were kept. The incharge
of treasuries had to send day wise reports to their superiors known as Wazirs (the
prime minister) and from there month wise reports were sent to kings. Babylonia,
known as the city of commerce, used accounting for business to uncover losses
taken place due to frauds and lack of efficiency. In Greece, accounting was used for
apportioning the revenues received among treasuries, maintaining total receipts,
total payments and balance of government financial transactions. Romans used
memorandum or daybook where in receipts and payments were recorded and
wherefrom they were posted to ledgers on monthly basis. (700 B.C to 400 A.D).
China used sophisticated form of government accounting as early as 2000 B.C.
Accounting practices in India could be traced back to a period when twenty three
centuries ago, Kautilya, a minister in Chandragupta’s kingdom wrote a book named
Arthashasthra, which also described how accounting records had to be maintained.
       Luca Pacioli’s, a Franciscan friar (merchant class), book Summa de
Arithmetica, Geometria, Proportion at Proportionality  (Review of Arithmetic and Geometric
proportions) in Venice (1494) is considered as the first book on double entry book-
keeping. A portion of this book contains knowledge of business and book-keeping.
However, Pacioli did not claim that he was the inventor of double entry book-keeping
but spread the knowledge of it. It shows that he probably relied on then–current
book-keeping manuals as the basis for his masterpiece. In his book, he used the
present day popular terms of accounting Debit (Dr.) and Credit (Cr.). These were the
concepts used in Italian terminology. Debit comes from the Italian debito which comes
from the Latin debita and debeo which means owed to the proprietor. Credit comes
from the Italian credito which comes from the Latin ‘credo’ which means trust or belief
(in the proprietor or owed by the proprietor. In explaining double entry system, Pacioli
wrote that ‘All entries… have to be double entries, that is if you make one creditor, you
must make some debtor’. He also stated that a merchants responsibility include to
give glory to God in their enterprises, to be ethical in all business activities and to
earn a profit. He discussed the details of memorandum, journal, ledger and specialised
accounting procedures.
2019-2020
4 Accountancy
1.1.1 1.1.1 1.1.1 1.1.1 1.1.1 Economic Events Economic Events Economic Events Economic Events Economic Events
Business organisations involves economic events. An economic event is known
as a happening of consequence to a business organisation which consists of
transactions and which are measurable in monetary terms. For example,
purchase of machinery, installing and keeping it ready for manufacturing is
an event which comprises  number of financial transactions such as buying a
machine, transportation of machine, site preparation for installation of a
machine, expenditure incurred on its installation and trial runs. Thus,
accounting identifies bunch of transactions relating to an economic event. If
an event involves transactions between an outsider and an organisation, these
are known as external events. The following are the examples of such
transactions:
• Sale of merchandise to the customers.
• Rendering services to the customers by ABC Limited.
• Purchase of materials from suppliers.
• Payment of monthly rent to the landlord.
An internal event is an economic event that occurs entirely between the
internal wings of an enterprise, e.g., supply of raw material or components by
the stores department to the manufacturing department, payment of wages
to the employees, etc.
1.1.2 1.1.2 1.1.2 1.1.2 1.1.2 Identification, Measurement, Recording and Communication Identification, Measurement, Recording and Communication Identification, Measurement, Recording and Communication Identification, Measurement, Recording and Communication Identification, Measurement, Recording and Communication
Identification : It means determining what transactions to record, i.e., to identity
events which are to be recorded. It involves observing activities and selecting
those events that are of considered financial character and relate to the
organisation. The business transactions and other economic events therefore
are evaluated for deciding whether it has to be recorded in books of account.
For example, the value of human resources, changes in managerial policies
or appointment of personnel are important but none of these are recorded in
books of account. However, when a company makes a sale or purchase, whether
on cash or credit, or pays salary it is recorded in the books of account.
Measurement : It means quantification (including estimates) of business
transactions into financial terms by using monetary unit, viz. rupees and
paise as a measuring unit.  If an event cannot be quantified in monetary
terms, it is not considered for recording in financial accounts.  That is why
important items like the appointment of a new managing director, signing of
contracts or changes in personnel are not shown in the books of accounts.
Recording : Once the economic events are identified and measured in financial
terms, these are recorded in books of account in monetary terms and in a
chronological order. Recording is done in a manner that the necessary financial
2019-2020
Page 5


LEARNING OBJECTIVES
After studying this chapter
you will be able to:
• state the meaning and
need of accounting;
• discuss accounting as
a source of information ;
• identify the internal
and external users of
accounting information;
• explain the objectives
of accounting;
• describe the role of
accounting;
• explain the basic terms
used in accounting.
O
ver the centuries, accounting has remained
confined to the financial record-keeping
functions of the accountant. But, today’s rapidly
changing business environment has forced the
accountants to reassess their roles and functions
both within the organisation and the society. The
role of an accountant has now shifted from that of
a mere recorder of transactions to that of the
member providing relevant information to the
decision-making team. Broadly speaking,
accounting today is much more than just book-
keeping and the preparation of financial reports.
Accountants are now capable of working in exciting
new growth areas such as: forensic accounting
(solving crimes such as computer hacking and the
theft of large amounts of money on the internet); e-
commerce (designing web-based payment system);
financial planning, environmental accounting, etc.
This realisation came due to the fact that accounting
is capable of providing the kind of information that
managers and other interested persons need in
order to make better decisions. This aspect of
accounting gradually assumed so much importance
that it has now been raised to the level of an
information system. As an information system, it
collects data and communicates economic
information about the organisation to a wide variety
of users whose decisions and actions are related to
its performance. This introductory chapter
therefore, deals with the nature, need and scope of
accounting in this context.
Introduction to Accounting 1
2019-2020
2 Accountancy
1.1 Meaning of Accounting
In 1941, The American Institute of Certified Public Accountants (AICPA) had
defined accounting as 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 financial character, and interpreting the results thereof’.
With greater economic development resulting in changing role of accounting,
its scope, became broader. In 1966, the American Accounting Association
(AAA) defined accounting as ‘the process of identifying, measuring and
communicating economic information to permit informed judgments and
decisions by users of information’.
In 1970, the Accounting Principles Board of AICPA also emphasised that
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.
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
Fig. 1.1 : Showing the process of accounting
2019-2020
3 Introduction to Accounting
information. In order to appreciate the exact nature of accounting, we must
understand the following relevant aspects of the definition:
• Economic Events
• Identification, Measurement, Recording and Communication
• Organisation
• Interested Users of Information
Box  1
History and Development of Accounting
Accounting enjoys a remarkable heritage. The history of accounting is as old as
civilisation. The seeds of accounting were most likely first sown in Babylonia and
Egypt around 4000 B.C. who recorded transactions of payment of wages and taxes
on clay tablets. Historical evidences reveal that Egyptians used some form of
accounting for their treasuries where gold and other valuables were kept. The incharge
of treasuries had to send day wise reports to their superiors known as Wazirs (the
prime minister) and from there month wise reports were sent to kings. Babylonia,
known as the city of commerce, used accounting for business to uncover losses
taken place due to frauds and lack of efficiency. In Greece, accounting was used for
apportioning the revenues received among treasuries, maintaining total receipts,
total payments and balance of government financial transactions. Romans used
memorandum or daybook where in receipts and payments were recorded and
wherefrom they were posted to ledgers on monthly basis. (700 B.C to 400 A.D).
China used sophisticated form of government accounting as early as 2000 B.C.
Accounting practices in India could be traced back to a period when twenty three
centuries ago, Kautilya, a minister in Chandragupta’s kingdom wrote a book named
Arthashasthra, which also described how accounting records had to be maintained.
       Luca Pacioli’s, a Franciscan friar (merchant class), book Summa de
Arithmetica, Geometria, Proportion at Proportionality  (Review of Arithmetic and Geometric
proportions) in Venice (1494) is considered as the first book on double entry book-
keeping. A portion of this book contains knowledge of business and book-keeping.
However, Pacioli did not claim that he was the inventor of double entry book-keeping
but spread the knowledge of it. It shows that he probably relied on then–current
book-keeping manuals as the basis for his masterpiece. In his book, he used the
present day popular terms of accounting Debit (Dr.) and Credit (Cr.). These were the
concepts used in Italian terminology. Debit comes from the Italian debito which comes
from the Latin debita and debeo which means owed to the proprietor. Credit comes
from the Italian credito which comes from the Latin ‘credo’ which means trust or belief
(in the proprietor or owed by the proprietor. In explaining double entry system, Pacioli
wrote that ‘All entries… have to be double entries, that is if you make one creditor, you
must make some debtor’. He also stated that a merchants responsibility include to
give glory to God in their enterprises, to be ethical in all business activities and to
earn a profit. He discussed the details of memorandum, journal, ledger and specialised
accounting procedures.
2019-2020
4 Accountancy
1.1.1 1.1.1 1.1.1 1.1.1 1.1.1 Economic Events Economic Events Economic Events Economic Events Economic Events
Business organisations involves economic events. An economic event is known
as a happening of consequence to a business organisation which consists of
transactions and which are measurable in monetary terms. For example,
purchase of machinery, installing and keeping it ready for manufacturing is
an event which comprises  number of financial transactions such as buying a
machine, transportation of machine, site preparation for installation of a
machine, expenditure incurred on its installation and trial runs. Thus,
accounting identifies bunch of transactions relating to an economic event. If
an event involves transactions between an outsider and an organisation, these
are known as external events. The following are the examples of such
transactions:
• Sale of merchandise to the customers.
• Rendering services to the customers by ABC Limited.
• Purchase of materials from suppliers.
• Payment of monthly rent to the landlord.
An internal event is an economic event that occurs entirely between the
internal wings of an enterprise, e.g., supply of raw material or components by
the stores department to the manufacturing department, payment of wages
to the employees, etc.
1.1.2 1.1.2 1.1.2 1.1.2 1.1.2 Identification, Measurement, Recording and Communication Identification, Measurement, Recording and Communication Identification, Measurement, Recording and Communication Identification, Measurement, Recording and Communication Identification, Measurement, Recording and Communication
Identification : It means determining what transactions to record, i.e., to identity
events which are to be recorded. It involves observing activities and selecting
those events that are of considered financial character and relate to the
organisation. The business transactions and other economic events therefore
are evaluated for deciding whether it has to be recorded in books of account.
For example, the value of human resources, changes in managerial policies
or appointment of personnel are important but none of these are recorded in
books of account. However, when a company makes a sale or purchase, whether
on cash or credit, or pays salary it is recorded in the books of account.
Measurement : It means quantification (including estimates) of business
transactions into financial terms by using monetary unit, viz. rupees and
paise as a measuring unit.  If an event cannot be quantified in monetary
terms, it is not considered for recording in financial accounts.  That is why
important items like the appointment of a new managing director, signing of
contracts or changes in personnel are not shown in the books of accounts.
Recording : Once the economic events are identified and measured in financial
terms, these are recorded in books of account in monetary terms and in a
chronological order. Recording is done in a manner that the necessary financial
2019-2020
5 Introduction to Accounting
information is summarised as per well-established practice and is made available
as and when required.
Communication :  The economic events are identified, measured and recorded
in order that the pertinent information is generated and communicated in a
certain form to management and other internal and external users.  The
information is regularly communicated through  accounting reports. These
reports provide information that are useful to a variety of users who have an
interest in assessing the financial performance and the position of an
enterprise, planning and controlling business activities and making necessary
decisions from time to time. The accounting information system should be
designed in such a way that the right information is communicated to the
right person at the right time. Reports can be daily, weekly, monthly, or
quarterly, depending upon the needs of the users.  An important element in
the communication process is the accountant’s ability and efficiency in
presenting the relevant information.
1.1.3 1.1.3 1.1.3 1.1.3 1.1.3 Organisation Organisation Organisation Organisation Organisation
Organisation refers to a business enterprise, whether for profit or not-for-
profit motive. Depending upon the size of activities and level of business
operation, it can be a sole-proprietory concern, partnership firm, cooperative
society, company, local authority, municipal corporation or any other
association of persons.
1.1.4 1.1.4 1.1.4 1.1.4 1.1.4 Interested Users of Information Interested Users of Information Interested Users of Information Interested Users of Information Interested Users of Information
Accounting is a means by which necessary financial information about
business enterprise is communicated and is also called the language of
business. Many users need financial information in order to make important
decisions. These users can be divided into two broad categories: internal users
and external users.  Internal users include: Chief Executive, Financial Officer,
Vice President, Business Unit Managers, Plant Managers, Store Managers,
Line Supervisors, etc. External users include: present and potential Investors
(shareholders), Creditors (Banks and other Financial Institutions, Debenture-
holders and other Lenders), Tax Authorities, Regulatory Agencies (Department
of Company Affairs, Registrar of Companies, Securities Exchange Board of
India, Labour Unions, Trade Associations, Stock Exchange and Customers,
etc. Since the primary function of accounting is to provide useful information
for decision-making, it is a means to an end, with the end being the decision
that is helped by the availability of accounting information. You will study
about the types of accounting information and its users later in this chapter.
2019-2020
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