CBSE Class 11 Accountancy Chapter 1 - Introduction to Accounting

Introduction to Accounting Class 11 Revision Notes

In the introduction to accounting class 11 notes, we will begin by stating the meaning and the need for accounting. Also, we will be learning the process involved in accounting. Thus, we will learn that accounting links decision-makers with economic activities and with the results of their decisions. The chapter also explains the Accounting as Science and Art. Moreover, we will be learning the relevant aspects of accounting. Then, we will come to know as to why the different users (internal and external) need accounting information. Furthermore, we will be studying the different accounting principles, namely: financial accounting, cost accounting, management accounting. Then, we will come to know the qualitative characteristics of Accounting Information. Thus, we will know that it must possess the characteristics of reliability, relevance, understandability, and comparability.

Also, we will be gaining knowledge of the various objectives of accounting. Furthermore, the role of accounting will be described. Moreover, we will be getting knowledge of the basic terms used in accounting such as entity, transaction, asset, liabilities, capital, etc.

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Sub-Topics Covered Under Introduction to Accounting:

Meaning of Accounting: In this Subtopic, we will state the meaning, define the term accounting and describe its relevant aspects.
Basic Terms in Accounting: Under this, we will be explaining the basic terms used in accounting such as entity, transaction, assets, liabilities, etc.
Qualitative Characteristics, Objectives, and Roles of Accounting: In this, we will be describing the qualitative characteristics, objectives, and roles of accounting.
Accounting as a Source of Information: Here, we will know as to how accounting act as a source of information for both internal and external users of information.

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