Class 11 Accountancy Revision Notes
Introduction to Accounting Notes
Introduction to Accounting — Notes Meaning and objectives Accounting is the process of identifying, recording, classifying, summarising and communicating financial information. It…
Theory Base of Accounting Notes
Theory Base of Accounting — Notes GAAP and accounting principles Generally Accepted Accounting Principles (GAAP) provide a common framework. Key concepts : business entity, money…
Recording of Transactions Notes
Recording of Transactions — Notes The accounting equation Every transaction keeps this equation balanced (the dual aspect ). Double entry system and rules Each transaction affects…
Bank Reconciliation Statement Notes
Bank Reconciliation Statement — Notes Meaning A Bank Reconciliation Statement (BRS) reconciles the balance shown by the firm's cash book with that shown by the bank pass book/stat…
Depreciation, Provisions and Reserves Notes
Depreciation, Provisions and Reserves — Notes Depreciation Depreciation is the gradual, permanent fall in the value of a fixed asset due to use, wear and tear or obsolescence. Met…
Bills of Exchange Notes
Bills of Exchange — Notes Meaning and parties A bill of exchange is a written, unconditional order to pay a certain sum on a fixed date. The parties are the drawer , drawee (accep…
Financial Statements Notes
Financial Statements — Notes Financial statements show the result and the financial position of a business. Trading and Profit & Loss Account The Trading Account finds the gross p…