Are you opting for Commerce stream after your 10th board? Accountancy is your favorite subject and wants to know more about Class 11 accounts? If yes, then you have landed upon the right page. Here we will provide all the necessary information regarding the Class 11 Accountancy syllabus, tips, and the benefits. So, let us begin!!
First and foremost, let’s understand what Accounting actually means. In simple language, Accounting is keeping the records, reporting, analysing and interpreting the data. Accounting is used in every aspect of business. Therefore, having a clear understanding of concepts is a must for the Accountancy subject.
Benefits Of Accounting
Accounting helps in various aspects of the business. It is not only limited to debit and credit, profit, or loss. The class 11 accountancy syllabus lays a foundation for the future. Below listed are some of the benefits for accounting in real life:
- Preparing Financial statements
- Maintaining Business Records
- Helpful in making Managerial decisions
- Providing proof in legal matters
- Settling of Tax Liabilities
- A comparative study, and many more.
Class 11 Accountancy Syllabus
The class 11 Accountancy syllabus is divided into three parts. Each part carries marks weightage.
Part A- Financial Accounting-I (50 Marks)
- Theoretical framework
- Introduction to Accounting
- Theory base of Accounting
- Accounting process
- Recording of Transactions
- Preparation of Bank Reconciliation statements, ledger, and Trial Balance
- Depreciation, Provisions, and reserves
- Accounting for bills of exchange
- Rectification of Errors
Part B- Financial Accounting-Ii (40 Marks)
- Financial statements of sole Proprietorship
- Financial Statements
- Balance Sheet
- Profit and Loss account
- Adjustments in preparation of financial statements
- Preparation of Trading, profit and loss account and balance sheet of sole Proprietor
- Financial Statements Of Non-Profits
- Not for Profit Organisations- Concepts
- Receipts and Payments accounts: – features
- Income and Expenditure account
- Computers In Accounting
- Introduction to Computer and Accounting Information System
- Introduction to Operating Software
- Automation of the Accounting process
- Stages in Automation
Part C- Project Work (10 Marks)
You have to pick any one of the given projects and do it. The project work marks are added to the final 12th board result as well.
How To Prepare For Class 11 Accountancy Syllabus
Well, there are a few ways wherein you can cover up your syllabus within a dedicated time period. But it must be strictly followed.
- Firstly, you must come up with a study plan. Where to begin? How much time to be given? etc as a kick start.
- Secondly, students must study their textbook and reference books. Too much of reference books would make you confuse, so select upon a couple of them and solve them.
- Today, online medium is the best way. Study Online 11th Commerce and solve mock tests, previous years’ questions, and sample papers.
- Time management is key. Allocate fixed hours daily for the subject. As accounts is a practical subject, the more you will solve, the more you will have grip