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Introduction Meaning of accounting: - Class 11 PDF Download

Introduction Meaning of accounting: - Class 11

Basis terms of accounting
Business entity
Capital
Assets
Goods
Purchases
Liabilities
Revenue 
Expenses
Transactions
Creditors
Debtors
Stock
Profit
Loss 
The brief information are given in photo: Introduction Meaning of accounting: - Class 11
Introduction Meaning of accounting: - Class 11


G. A. A. P. 
Business entity
Money measurement
Dual aspect
Accounting period
Cost concept 
Matching
Going concern
Consistency
Conservatism
Full disclosure
Materiality
Objectivity
Introduction Meaning of accounting: - Class 11Introduction Meaning of accounting: - Class 11Introduction Meaning of accounting: - Class 11Introduction Meaning of accounting: - Class 11


Basis of accounting
1. Accrual basis of accounting
2. Cash basis of accounting
Introduction Meaning of accounting: - Class 11
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FAQs on Introduction Meaning of accounting: - Class 11

1. What is the meaning of accounting?
Ans. Accounting is the process of recording, summarizing, analyzing, and interpreting the financial transactions of a business or organization. It involves the systematic and detailed recording of financial transactions, preparation of financial statements, and communication of financial information to relevant parties.
2. What are the main objectives of accounting?
Ans. The main objectives of accounting are to provide financial information for decision-making, to ensure the accountability of resources, to facilitate efficient and effective management of resources, to provide information for internal and external reporting, and to comply with legal and regulatory requirements.
3. What are the different branches of accounting?
Ans. The different branches of accounting include financial accounting, management accounting, cost accounting, tax accounting, and auditing. Financial accounting focuses on the preparation of financial statements for external users, while management accounting provides financial information for internal decision-making. Cost accounting deals with the measurement, analysis, and control of costs, tax accounting involves the preparation and filing of tax returns, and auditing involves the examination and verification of financial records.
4. What are the basic principles of accounting?
Ans. The basic principles of accounting include the principles of entity, money measurement, historical cost, going concern, matching, revenue recognition, consistency, materiality, conservatism, and full disclosure. These principles provide a framework for recording and reporting financial transactions accurately and fairly.
5. What are the financial statements prepared in accounting?
Ans. The financial statements prepared in accounting include the income statement, balance sheet, statement of cash flows, and statement of changes in equity. The income statement shows the revenues, expenses, and net income or loss of a business over a specific period. The balance sheet presents the financial position of a business at a specific point in time. The statement of cash flows provides information about the cash inflows and outflows of a business during a specific period. The statement of changes in equity shows the changes in the owner's equity of a business during a specific period.
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