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ACCOUNTANCY

Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. It provides feedback to management regarding the financial results and status of an organization. The key accountancy tasks are noted below.


The results of the efforts of the preceding accountants are accumulated into a set of accounting records, of which the summary document is the general ledger. The general ledger consists of a number of accounts, each of which stores information about a particular type of transaction, such as product sales, depreciation expense, accounts receivable, debt, and so on. Certain high-volume transactions, such as customer billings, may be stored in a subledger, with only its totals rolling into the general ledger. The ending balances in the general ledger may be altered with adjusting entries each month, mostly to record expenses incurred but not yet recorded.


The information in the general ledger is used to derive financial statements, and may also be the source of some information used for internal management reports

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IMPORTANCE OF ACCOUNTING CLASS(11TH,12TH)

CLASS 11TH


This part covers all the important definitions of the Accountancy for Class XI students in the simple and easy to understand language.


ACCOUNTING:- Accounting is the art of recording, classifying, summarizing in a significant manner, transactions and events which are of financial character, and interpreting the results thereof.

CLASS 12TH


This part covers all the important definitions of the Accountancy for Class XII students in the simple and easy to understand language.


ACCOUNTING:-Accounting is the art of recording, classifying, summarizing in a significant manner, transactions and events which are of financial character, and interpreting the results thereof.

ACCOUNTANCY CLASS 11 SYLLABUS

 The syllabus consists of five units: (i) Theoretical Framework, (ii) Accounting Process, (iii) Financial Statements of Sole Proprietorship, (iv) Financial Statements of Non-Profits, and (v) Computers in Accounting.

Unit 1: Theoretical Framework


Introduction to Accounting


Accounting: objectives, advantages and limitations, types of accounting information; users of accounting information and their needs.
Basic accounting terms: business transaction, account, capital, drawings, liability (Non - current and current); asset (Non - current; tangible and intangible assets and current assets), receipts (capital and revenue), expenditure (capital, revenue and deferred), expense, income, profits, gains and losses, purchases, purchases returns, sales, sales returns, stock, trade receivables (debtors and bills receivable), trade payables (creditors and bills payable), goods, cost, vouchers, discount - trade and cash.


Theory Base of Accounting



  • Fundamental accounting assumptions: going concern, consistency and accrual.

  • Accounting principles: accounting entity, money measurement, accounting period, full disclosure, materiality, prudence, cost concept, matching concept and dual aspect.

  • Accounting Standards and IFRS (International Financial Reporting Standards): concept and objectives.

  • Double entry system of accounting.

  • Bases of accounting - cash basis and accrual basis.

Unit 2: Accounting Process
Recording of Transactions



  • Accounting equation: analysis of transactions using accounting equation.

  • Rules of debit and credit: for assets, liabilities, capital, revenue and expenses

  • Origin of transactions- source documents (invoice, cash memo, pay in slip, cheque), preparation of vouchers - cash (debit and credit) and non cash (transfer).

  • Books of original entry: format and recording - Journal.

  • Cash Book: Simple Cash Book, Cash Book with Discount Column and Cash Book with Bank and Discount Columns, Petty Cash Book.

  • Other books: purchases book, sales book, purchases returns book, sales returns book and journal proper.


Preparation of Bank Reconciliation Statement, Ledger and Trial Balance.



  • Bank reconciliation statement- calculating bank balance at accounting date: need and preparation. Corrected cash book balance.

  • Ledger - format, posting from journal, cash book and other special purpose books, balancing of accounts.

  • Trial balance: objectives and preparation.

Unit 3: Financial Statements of Sole Proprietorship



  • Financial Statements: objective and importance.

  • Trading and profit and loss account: gross profit, operating profit and net profit.

  • Balance Sheet: need, grouping, marshalling of assets and liabilities.

  • Adjustments in preparation of financial statements : with respect to closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provision for doubtful debts, provision for discount on debtors, manager's commission, abnormal loss, goods taken for personal use and goods distributed as free samples.

  • Preparation of Trading and Profit and Loss Account and Balance Sheet of sole proprietorship.

  • Incomplete records: use and limitations.

  • Ascertainment of profit/loss by statement of affairs method.

Unit 4: Financial Statements of Not-for-Profit Organizations



  • Not-for-profit organizations: concept.

  • Receipts and Payment account: features.

  • Income and Expenditure account: features. Preparation of Income and Expenditure account and Balance Sheet from the given Receipts and Payments account with additional information.

Unit 5: Computers in Accounting



  1. Introduction to Computer and Accounting Information System {AIS}: Introduction to computers (Elements, Capabilities, Limitations of Computer system),

  2. Introduction to operating software, utility software and application software. Introduction to Accounting Information System (AIS), as a part of MIS

  3. Automation of Accounting Process.

ACCOUNTANCY CLASS 12 SYLLABUS

The syllabus consists of two parts: (i) Accounting for Not-for-Profit Organizations, Partnership Firms and Companies (ii) Financial Statement Analysis.

Part A: Accounting for Not-for-Profit Organizations, Partnership Firms and Companies



  • Financial Statements of Not-for-Profit Organizations

  • Accounting for Partnership Firms

  • Accounting for Companies

Part B: Financial Statement Analysis



  • Analysis of Financial Statements

  • Cash Flow Statement

  • Computerised Accounting

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Mohan Nagar Chock ,Kurukshetra

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