Financial Accounting Class 11

23/04/2020 Day 3   11A & B Dear students,  It was your first experience to have the accountancy online assessment test.  There were mixed feelings- satisfaction, eagerness, turbulence, anxiety, restlessness, contentment, happiness, disappointment and so much more.  My reaction is - those who participated wholeheartedly have done a good job.  Cultivate passion and interest for this scoring and important subject. ANSWERS TO CLASS ASSESSMENT - 1 (CHAPTER 2) BASIC ACCOUNTING TERMS Mr Earlyriser started a business for buying and selling of stationery with Rs. 500000 as an initial investment. Of which, he paid Rs. 100000 for furniture, Rs. 200000 for buying stationery items. He employed a sales person and clerk. At the end of the month he paid rupees 5000 as their salaries. Out of the stationary bought, he sold some stationary for Rs 150000 for cash and some other stationery for Rs. 100000 one credit basis to Mr ...

DAY 2  CLASS 11 HELLO EVERYONE. I HOPE YOU ARE All READY AND EXCITED FOR THE FIRST SIMPLE AND BASIC CLASS ASSESSMENT.I AM EXPECTING A GOOD RESPONSE FROM EACH ONE OF YOU. KEEPA PENCIL AND CHAPTER NOTES READY FOR ANY REFERENCE. *INSTRUCTIONS FOR THE ACCOUNTANCY CLASS-ASSESSMENT 1* * DURATION OF THE ASSESSMENT  - 20 minutes * Link WILL BE OPENED IN THE  BLOG 5 MINUTES AFTER YOUR CLASS STARTS. * RESPONSES WILL BE ACCEPTED FROM 20 MINUTES THEREAFTER * LINK WILL BE CLOSED AFTER 5 MINUTES FROM THE RESPONSES BEING ACCEPTED * NO RESPONSES WILL BE ACCEPTED AFTER THE CLOSE OF THE LINK. COPY AND PASTE THE BELOW GIVEN LINK IN ADDRESS BAR https://docs.google.com/forms/d/e/1FAIpQLSdq7UJmVNA28SkNlFnSSPtHpAqkXWbp8YgeUWaVbpXLuXWmGA/viewform?usp=sf_link ALL THE BEST.

Basic Accounting Terms  Learning Objectives *Introduction  *Important Accounting Terms # Receipts # Deferred Revenue Expenditure # Revenue  # Bills Receivables #  Bills Payable  # Cost  # Entry  # Debit and Credit  # Proprietor  # Bad Debts  # Insolvent  # Solvent  # Book Value  # Invoice  # Entity Introduction Please Note 1. Receipts;  Receipts refer to the amount received or receivable by the business organisation from selling assets, goods or services. Receipts are of two kinds: i. Revenue Receipts : Revenue receipt refers to the amount received or receivable in the normal course of business. Example, amount received from sale of goods or services. The revenue receipts are of recurring in nature.  ii.Capital Receipts: Capital Receipts refers to the amount received or receivable under transactions which are not revenue in nature. For example, ...

Dear Students, Learning Objectives *Introduction  *Important Accounting Terms # Loss # Purchases # Sale # Goods # Stock # Debtor # Creditor # Voucher  # Discount # Account Introduction:  Introduction/ Recapitulation 1. Loss : Loss is the excess of total expenses over total revenue. For example, if revenues are Rs. 90000 and expenses are Rs 120000, the loss will be Rs 30000. Loss decreases the Owner's Equity. The term Loss is also used in another contexts: • Loss also refers to such activities of the business for which no benefit is received by the firm. For example, loss due to fire or theft. • Loss also arises from events of non recurring nature, like loss on sale of fixed assets. Expenses versus losses . Expense is  incurred to generate revenues, whereas, losses do not. For example, depreciation is an expense, while goods burnt by fire is a loss. • A firm may take utility/benefit or services in lieu of e...

Dear Students, After the  completion of Simple, purely Theoretical Chapter  number 1 and 3 with Summarised, Concised, Self Explanatory Notes given in Proper Points and Examples with Audio files Attached to Each Heading. Now we move on to our next Chapter 2. Chapter 2  Basic Accounting Terms  Learning Objectives: *Introduction  *Important Accounting Terms # Business Transaction      # Capital    # Drawings    # Liabilities   # Assets   # Expenditure  # Expense    # Income   # Profit    # Gain  Introduction:  There are certain basic Accounting Terms, which are widely used in the business world. Before recording the transactions in the books, it is necessary to understand these terms as they have specific meaning in accounting. These basic terms are known as Accounting Terminology. 1. Business Transaction:...

Chapter 1: Introduction to Accounting (Continued) Learning objectives:  *Meaning of accounting  *Characteristics or Features or Attributes of     Accounting   * Accounting Process   * Objectives of Accounting  *  Advantages of Accounting  *  Limitations of Accounting   *  Users of Accounting Information  *  Qualitative Characteristics of Accounting Information  *  Systems of Accounting  *   Role of Accounting in Business Click the link for my Audio Recapitulation from the Previous Class Advantages of Accounting 1. Provides information about financial performance. 2.  Provides assistance to management. 3.  Facilitates comparative study:  intra firm comparison and inter firm comparison. 4. Replaces memory: it maintains systematic records. 5.  Helps in settlement of tax liability. 6.  Helpful in r...

Hello Boys!! Welcome to the New session, New class and a New Subject Accountancy.. Its a very easy, practical, scoring and an interesting subject, provided you work with it regularly. Your initial time spent with it, will give you immense pleasure and satisfaction...again provided you work consistently. Chapter 1 : Introduction to Accounting Learning Outcomes: All students' will be able to outline clearly:  *Meaning of accounting *Characteristics or Features or Attributes of   Accounting   * Accounting Process   * Objectives of Accounting * Advantages of Accounting * Limitations of Accounting  * Users of Accounting Information  * Qualitative Characteristics of Accounting Information  *  Systems of Accounting  * Role of Accounting in Business Meaning of Accounting The main objective of a business is to earn profits. So, it is very important for the business to determine the results of the bus...