Overview

Accountancy subject in class XI helps a student in understanding the principles and practices of financial accounting; it also helps in understanding the preparation of financial statements of Trading and Non-Trading. As the syllabus introduces many new terms for students, the latter seeks help from accounts home tutors who help students in redressing all their concerns. The accounts home tuitions for class XI helps in promotion of knowledge on savings account, on cash book, passbook etc.

Description

Session wise Curriculum:

The accounts home tutors follow the guidelines of respective boards and keep the syllabus of the NCERT and CBSE in mind while teaching the kids.The subject is being taught to students going along with the school syllabus given by different boards. Tentative session wise complete accountancy course for class XI is as following:

Unit 1: Theoretical Framework

Introduction to Accounting
Accounting: objectives, advantages and limitations, types of accounting information; users of accounting information and their needs
Basic accounting terms; asset, receipts (capital and revenue), expenditure (capital, revenue and deferred)
Theory Base of Accounting
Fundamental accounting assumptions: Accounting principles: accounting entity, money measurement, Bases of accounting - cash basis and accrual basis
Accounting Standards and IFRS: Concept and Objectives

Unit 2: Accounting Process

Recording of Transactions
Accounting equation: analysis of transactions using accounting equation
Rules of debit and credit: for assets, liabilities, capital, revenue and expenses
Origin of transactions
Books of original entry: format and recording - Journal
Cash Book: Simple Cash Book, Cash Book with Discount Column and Cash Book with Bank and Discount Columns, Petty Cash Book
Other books
Preparation of Bank Reconciliation Statement
Bank reconciliation statement- Ledger - format, Trial balance: objectives and preparation
Depreciation, Provisions and Reserves
Accounting for Bills of Exchange
Bills of exchange and promissory note: Accounting treatment of bill transactions
Rectification of Errors
Errors: types-errors of omission, commission, principles, and compensating; their effect on Trial Balance
Detection and rectification of errors; preparation of suspense account

Unit 3: Financial Statements of Sole Proprietorship

Financial Statements: objective and importance
Profit and loss account: gross profit, operating profit and net profit
Balance Sheet: need, grouping, marshalling of assets and liabilities
Adjustments in preparation of financial statements : with respect to closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provision for doubtful debts, provision for discount on debtors, manager's commission, abnormal loss, goods taken for personal use and goods distributed as free samples
Preparation of Trading and Profit and Loss Account and Balance Sheet of sole proprietorship
Incomplete records: use and limitations. Ascertainment of profit/loss by statement of affairs method

Unit 4: Financial Statements of Not-for-Profit Organisations

Not-for-profit organisations: concept
Receipts and Payment account: features
Income and Expenditure account: features. Preparation of Income and Expenditure account and Balance Sheet from the given Receipts and Payments account

Unit 5: Computers in Accounting

Introduction to Computer and Accounting Information System {AIS}: Introduction to computers (Elements, Capabilities, Limitations of Computer system)
Introduction to operating software, utility software and application software. Introduction to Accounting Information System (AIS), as a part of MIS
Automation of Accounting Process
Stages in automation
(a) Accounting process in a computerised environment (Comparison between manual accounting process and Computerised accounting process.)
(b) Sourcing of accounting Software (Kinds of software: readymade software; customised software and tailor-made software; Generic Considerations before sourcing accounting software)
(c) Creation of Account groups and hierarchy
(d) Generation of reports -Trial balance, Profit and Loss account and Balance Sheet