Class XI Accounting

Class XI Accountancy

Accountancy Class XI as per NCERT guidelines has been divided into two different parts. Financial Accounting Part-1 and Part -2. The following are the chapters and its subtopics. Click on each chapter for different accountancy free study materials and resources.

Accounting Class XI

Introduction to Accounting


Accounting as a Source of Information



Basic Terms used

Theory Base of Accounting

Generally Accepted Accounting Principles (GAAP)

Basic Concepts

Systems of Accounting

Accounting Standards

Recording of Transactions – I

Business Transactions and Source Document

Accounting Equation

Using Debit and Credit

Books of Original Entry

The Ledger

Posting from Journal

Recording of Transactions – II

Cash Book

Purchases (Journal) Book

Purchases Return (Journal) Book

Sales (Journal) Book

Sales Return (Journal) Book

Journal Proper

Balancing the Accounts

Bank Reconciliation Statement

Need for Reconciliation

Preparation of Bank Reconciliation Statement

Trial Balance and Rectification of Errors

Meaning of Trial Balance

Objectives of Preparing the Trial Balance

Preparation of Trial Balance

Significance of Agreement of Trial Balance

Searching of Errors

Rectification of Errors

Depreciation, Provisions, and Reserves


Depreciation and other Similar Terms

Causes of Depreciation

Need for Depreciation

Factors Affecting the Amount of Depreciation

Methods of calculating Depreciation Amount

Straight Line Method and Written Down Method

A Comparative Analysis

Methods of Recording Depreciation

Disposal of Asset

Effect of any Addition or Extension to the

Existing Asset



Secret Reserve

Bill of Exchange

Meaning of Bill of Exchange

Promissory Note

Advantages of Bill of Exchange

Maturity of Bill

Discounting of Bill

Endorsement of Bill

Accounting Treatment

Dishonour of a Bill

Financial Statements – I

Stakeholders and Their information Requirements

Distinction between Capital and Revenue

Financial Statements

Trading and Profit and Loss Account

Operating Profit (EL3IT)

Balance Sheet

Opening Entry

Financial Statements- II

Need for Adjustments

Closing Stock

Outstanding Expenses

Prepaid Expenses

Accrued Income

Income Received In Advance


Bad Debts

Provision for Bad and Doubtful Debts

Provision for Discount on Debtors

Managers Commission

Interest on Capital

Methods of Presenting the Financial Statements

Accounts from Incomplete Records

Meaning of Incomplete Records

Reasons of Incompleteness and its Limitations

Applications of Computers In Accounting

Meaning and Elements of Computer System

Capabilities of Computer System

Limitations of a Computer System

Components of Computer

Evolution of Computerized Accounts

Features of Computerised Accounting System

Management Information System and Accounts

Information System

Computerised Accounting System

The Concept

Comparison between Manual and Computerised Accountancy

Advantages of Computerised Account System

Limitations of Computerised Accounts System

Sourcing of Accounting Software

Generic Considerations before Sourcing an

Account Softwares

Structuring Database for Accounting

Data Processing Cycle

Designing Database for Accounts

Entity Relationship (ER) Model

Database Technology

An Illustration of Accounting Database

Relational Data Model

Relational Databases and Schemas

Constraints and Database Schemas

Designing Relational Database Schema

Illustrating the Database Structure for Example Realities

Interacting with Databases

Accounting System Using Database Management System

MS Access and its Components

Creating Tables and Relationships for

Accounting Database

Vouchers Using Forms

Information Using Queries

Generating Accounts Report