The accountancy textbook of Class 11 includes this chapter to primarily explain the meaning, importance and method of preparing a trial balance. Trial balance is nothing but a tool which is utilised for verifying how correct the debit and credit amounts are.
It is prepared by three major methods — totals method, balances method and totals-cum-balances method. In this lesson, students learn the objectives of trial balance preparation, various types of errors, methods of locating those and their rectification options. It teaches how to rectify the errors both by using and without suspense account. Chapter 7: Depreciation, Provisions and Reserves. This chapter deals with the concept of depreciation and how it differs from depletion and amortisation.
The primary causes of depreciation include passage of time, obsolescence, expiration of legal rights and abnormal factors. There are various processes of calculating depreciation amount, elaborated in this chapter.
If you thoroughly follow this chapter of class 11 NCERT accountancy book, you will also learn about the utility of provisions and reserve in business. It also explains the various points of differences between these two concepts, including purpose, basic nature, effect on taxable profits, presentation in balance sheet, etc.
Chapter 8: Bill of Exchange. In India, when merchants purchase goods in credit, they often assure to pay the bill on the due date through instruments of credit. Known as bills of exchange, these comprise an unconditional order in writing to make the payment on the agreed date.
The Negotiable Instruments Act governs this instrument and its various features. This 8 th chapter teaches students the advantages, necessity, distinguishing factors, parties involved, etc. It also explains about promissory note and its features as defined by the law.
Instead of reading the entire textbook, you can also go through study materials available online for quick understanding. Chapter 9: Financial Statements — I. After journalising, posting and balancing, this 9 th chapter takes you to the next step of accounting.
It covers some of the vital topics of accounting such as financial statements, stakeholders, operating profit, distinction between capital and revenue, trading, profit and loss account, opening entry and balance sheet.
The lesson teaches how to prepare financial statements, know the types of information that stakeholders require, difference between revenue and capital and more. It simplifies the complex concepts of accounting. Chapter Financial Statements — II.
In most situations, accounting complexities are common in various business operations. It primarily happens as financial positions and incomes are determined according to accrual basis of accounting. The process emphasises on considering earning-based revenues to ascertain profitability and incurred-based expenditures. The 10 th chapter of accountancy class 11 NCERT book elaborates those items requiring adjustments and the process to integrate those in final accounts.
It further discusses the concept of outstanding expenses, closing stock, bad debts, doubtful debts, provisions for discounts on debts, etc. Chapter Accounts from Incomplete Records. Many small businesses do not follow the double entry system and end up with incomplete records of financial transactions.
Assessing profit and loss of such enterprises, therefore, requires different approaches and expertise. Chapter Applications of Computers in Accounting. From manual paperwork to automation, we have come a long way. The role of computer technology in the business world is inevitable.
A computer makes storing and processing the bulk amount of data not only effortless but also faster. It also explains various types of relevant MIS reports and accounting information systems.
Additionally, the lesson outlines all limitations of this technology to help individuals prepare with their decision-making skills. It prepares students for their upcoming examinations perfectly. Chapter Computerised Accounting System. The concluding chapter of NCERT accountancy book class 11 comprises advanced discussions on computerised accounting system. It deals with its nature, benefits, sourcing and limitations.
By studying this lesson, you can precisely differentiate between computerised and manual accounting system. There are two primary requirements of computerised accounting system — accounting framework and operating procedure. The system comes with noteworthy advantages like reliability, speed, accuracy, updated information, scalability, automated document production and more. As an accountancy student, you can learn each of these concepts elaborately in this last chapter.
CBSE recommends consulting NCERT books for board examination primarily because those cover the fundamentals of every subject thoroughly adhering to the syllabus. The books elaborate basic and advanced concepts in a way that students can clarify their doubts effortlessly. Numerous Problems to Solve. NCERT textbooks contain numerous problem-solving exercises which not only help in exam preparation but also enhance skills. Software Images icon An illustration of two photographs.
Images Donate icon An illustration of a heart shape Donate Ellipses icon An illustration of text ellipses. Public finance Item Preview. EMBED for wordpress. Want more? Advanced embedding details, examples, and help! Rosen introduces readers to the latest research in Public Finance. With highlights from the Bush administration, updates to tax laws, and discussions of up-to-date examples, Rosen's approach encompasses important revisions to the Seventh Edition, with current changes to government policy.
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