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Class 11 Chapter 1 (Introduction to Accountancy) Video Lecture - Commerce

Q: 3. What are the basic principles of accountancy?

Ans. The basic principles of accountancy are:1. Going Concern Principle: Assumes that the business will continue to operate for the foreseeable future.2. Accrual Principle: Recognizes revenue and expenses in the accounting period they occur, regardless of the cash flow.3. Consistency Principle: Requires consistent application of accounting methods and policies over time.4. Prudence Principle: Encourages cautious recognition of revenues and assets while anticipating potential losses and liabilities.5. Matching Principle: Matches expenses with the revenues they help generate in the same accounting period.

Q: 4. What are the different branches of accountancy?

Ans. The different branches of accountancy include:1. Financial Accounting: Focuses on recording, classifying, and summarizing financial transactions for external reporting purposes.2. Management Accounting: Provides financial information and analysis to help internal decision-making and performance evaluation.3. Cost Accounting: Deals with the determination and control of costs within a business to aid in cost management and pricing decisions.4. Tax Accounting: Involves the preparation and filing of tax returns, ensuring compliance with tax laws and regulations.5. Auditing: Examines and verifies the accuracy and reliability of financial statements and records.

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FAQs on Class 11 Chapter 1 (Introduction to Accountancy) Video Lecture - Commerce

1. What is accountancy?

Ans. Accountancy is the process of recording, classifying, summarizing, analyzing, and interpreting financial transactions and information of a business. It involves maintaining and preparing financial statements, such as the balance sheet, income statement, and cash flow statement, to provide an accurate and comprehensive view of the financial health of a company.

2. What is the importance of accountancy?

Ans. Accountancy plays a crucial role in business as it helps in financial decision-making, budgeting, and planning. It provides insights into the financial performance, profitability, and liquidity of a company. Accountancy also ensures compliance with legal and regulatory requirements, helps in tax planning, and facilitates effective communication with stakeholders, such as investors, creditors, and government agencies.

3. What are the basic principles of accountancy?

Ans. The basic principles of accountancy are: 1. Going Concern Principle: Assumes that the business will continue to operate for the foreseeable future. 2. Accrual Principle: Recognizes revenue and expenses in the accounting period they occur, regardless of the cash flow. 3. Consistency Principle: Requires consistent application of accounting methods and policies over time. 4. Prudence Principle: Encourages cautious recognition of revenues and assets while anticipating potential losses and liabilities. 5. Matching Principle: Matches expenses with the revenues they help generate in the same accounting period.

4. What are the different branches of accountancy?

Ans. The different branches of accountancy include: 1. Financial Accounting: Focuses on recording, classifying, and summarizing financial transactions for external reporting purposes. 2. Management Accounting: Provides financial information and analysis to help internal decision-making and performance evaluation. 3. Cost Accounting: Deals with the determination and control of costs within a business to aid in cost management and pricing decisions. 4. Tax Accounting: Involves the preparation and filing of tax returns, ensuring compliance with tax laws and regulations. 5. Auditing: Examines and verifies the accuracy and reliability of financial statements and records.

5. What are the career opportunities in accountancy?

Ans. Accountancy offers various career opportunities, including: 1. Chartered Accountant (CA): Handles financial reporting, auditing, taxation, and advisory services for businesses and individuals. 2. Cost Accountant/Management Accountant: Analyzes costs and prepares cost reports to assist in decision-making and cost control. 3. Financial Analyst: Conducts financial analysis, evaluates investment opportunities, and provides recommendations to investors. 4. Tax Consultant: Provides tax planning, preparation, and advisory services to individuals and businesses. 5. Auditor: Performs independent audits of financial statements to ensure compliance with accounting standards and regulations.

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Nov 27, 2024 Last updated

Class 11 Chapter 1 (Introduction to Accountancy) for Commerce2024 is part of Commerce preparation. The notes and questions for Class 11 Chapter 1 (Introduction to Accountancy) have been prepared according to the Commerce exam syllabus. Information about Class 11 Chapter 1 (Introduction to Accountancy) covers all important topics for Commerce2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Class 11 Chapter 1 (Introduction to Accountancy).

Introduction of Class 11 Chapter 1 (Introduction to Accountancy) in English is available as part of our Commerce preparation & Class 11 Chapter 1 (Introduction to Accountancy) in Hindi for Commerce courses. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

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