CBSE Syllabus for Class 11 Accountancy Term (I & II) 2023-24
The CBSE Accountancy course at the plus two levels of school focuses on strengthening basic accounting concepts and preparation of financial statements. The objective is to introduce young learners to the world of finance and familiarise them with the essential concepts used in business and finance.
CBSE Class XI Accountancy Syllabus Term (I & II) 2023-2024
CBSE syllabus for Class 11 Commerce Accountancy in the PDF format can be accessed here.
Class 11 CBSE Syllabus for Accountancy Term (I & II) 2023-24
Accountancy (CBSE Code No. 055) has a total of 80 marks for the theory section and 20 marks for practical or project work, divided into two terms. The CBSE syllabus for Class 11 Accountancy covers the following topics:
Term I (MCQ-based question Paper)
Theory: 40 marks
Time: 90 minutes |
Unit |
Topic |
Marks |
Part A: Financial Accounting 1 |
Unit 1 |
Theoretical Framework |
12 |
Unit 2 |
Accounting Process |
40 |
Part B: Financial Accounting 2 |
Unit 3 |
Financial Statements of Sole Proprietorship from Complete and Incomplete Records |
20 |
Unit 4 |
Computers in Accounting |
08 |
Part C: Project Work |
10 |
Important Topics in Accountancy
Accountancy in Class 11 forms a strong base for a career in accounting as accountants and auditors. Accounts play a crucial role in any business organisation, and their demand in various positions like managing payroll, auditing and financial management is constantly increasing. Hence, for bright career prospects, students must study this subject thoroughly. The important chapters in CBSE Class 11 Accountancy syllabus 2023-24 are as follows:
- Depreciation
- Financial statement of sole proprietorship
- Journal entry
- Adjustment in preparation of financial statement
- Accounting for a bill of exchange
What is a balance sheet?
A company’s financial statement is presented on the balance sheet. At the conclusion of the accounting period, following the creation of the trade and profit and loss accounts, the balance sheet records the assets and liabilities of the company.
Some Important Points of a Balance Sheet
A balance sheet has the following characteristics:
- It is regarded as the last step in the production of final accounts.
- It is not an account but a statement.
- It comprises transactions on both asset and liability sides: assets to the left side and liabilities to the right.
- The sum of the two sides, i.e., assets and liabilities, must always be equal.
- The balance sheet details a company’s financial situation at a given time.
- It is generally prepared along with a profit and loss statement for the company.
What is the importance of a balance sheet?
Many details about a company’s finances at a given time can be inferred from its balance sheet. Here are a few of the key features of a balance sheet:
- Creditors, investors, and other stakeholders use this financial statement to assess a company’s financial health.
- It is used to compare the company’s present and past finances to analyse its growth.
- A company must provide its balance sheet to the bank when requesting a business loan.
- Analysis of a company’s balance sheet helps estimate its future profits and business expansion plans.
Accounts Syllabus Class 11 CBSE 2023-24
The CBSE syllabus for Class 11 Accountancy theoretical framework is given below. .
Part A: Financial Accounting – I
For the ease of learners, the following topics are included in Part A of CBSE Class 11 Accountancy syllabus 2023-24 have been provided unit-wise:
Unit 1- Theoretical Framework
- Accounting- concept, objectives, advantages and limitations, types of accounting information; users of accounting information and their needs. Qualitative Characteristics of Accounting Information. Role of Accounting in Business.
- Basic Accounting Terms- Business Transaction, Capital, Drawings. Liabilities (Non-Current and Current). Assets (Non-Current, Current); Fixed assets (Tangible and Intangible), Expenditure (Capital and Revenue), Expense, Income, Profit, Gain, Loss, Purchase, Sales, Goods, Stock, Debtor, Creditor, Voucher, Discount (Trade discount and Cash Discount)
- Fundamental accounting assumptions: GAAP Concept
- Business Entity, Money Measurement, Going Concerned, Accounting Period, Cost Concept, Dual Aspect, Revenue Recognition, Matching, Full Disclosure, Consistency, Conservatism, Materiality and Objectivity
- System of Accounting. Basis of Accounting: cash basis and accrual basis
- Accounting Standards: Applicability in IndAS
- Goods and Services Tax (GST): Characteristics and Objective.
Unit 2- Accounting Process
- Voucher and Transactions: Source documents and Vouchers, Preparation of Vouchers, Accounting Equation Approach: Meaning and Analysis, Rules of Debit and Credit.
- Recording of Transactions: Books of Original Entry- Journal
- Special Purpose books:
- Cash Book: Simple, cash book with bank
- Column and petty cash book
- Purchases book
- Sales book
- Purchases return book
- Sales return book
Note: Including trade discount, freight, and cartage expenses for simple GST calculation.
- Ledger: Format, Posting from journal and subsidiary books, Balancing of accounts
Bank Reconciliation Statement:
- Need and preparation, Bank Reconciliation Statement with Adjusted Cash Book
Depreciation, Provisions and Reserves
- Depreciation: Concept, Features, Causes, factors
- Other similar terms: Depletion and Amortisation
- Methods of Depreciation:
- Straight Line Method (SLM)
- Written Down Value Method (WDV)
Note: Excluding change of method
- Difference between SLM and WDV; Advantages of SLM and WDV
- Accounting treatment of depreciation
- Charging to asset accounts
- Creating provisions for depreciation/accumulated depreciation accounts
- Treatment for disposal of assets
- Provisions and Reserves: Difference
- Types of Reserves:
- Revenue reserve
- Capital reserve
- General reserve
- Specific reserve
- Secret reserve
Difference between capital and revenue reserve
Term II
Theory: 40 Marks
Part A
Unit 2 Accounting Process
i)Accounting for Bills of Exchange
- Bill of exchange and Promissory Note: Definition, Specimen, Features, Parties
- Difference between Bill of Exchange and Promissory Note
- Terms in Bill of Exchange:
- Term of Bill
- Accommodation bill (concept)
- Days of Grace
- Date of maturity
- Discounting of bill
- Endorsement of bill
- Bill after due date
- Negotiation
- Bill sent for collection
- Dishonour of bill
Note: excluding accounting treatment for accommodation bill
-
ii) Trial balance and Rectification of Errors
- Trial balance: objectives and preparation
- Errors: types-errors of omission, commission, principles and compensating; their effect on Trial Balance
- Detection and rectification of errors; preparation of suspense account
Part B: Financial Accounting – II
In Part B of the CBSE syllabus for Class 11 Accountancy, the following topics are included:
Unit 3- Financial Statements of Sole Proprietorship from Complete and Incomplete Records
Financial Statements
- Meaning, objectives and importance; Revenue and Capital Receipts; Revenue and Capital Expenditure; Deferred Revenue expenditure.
- Trading and Profit and Loss Account: Gross Profit, Operating Profit and Net profit. Preparation. Balance Sheet: need, grouping and marshalling of assets and liabilities. Preparation.
- 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, abnormal loss, goods taken for personal use/staff welfare, interest on capital and managers’ commission.
- Preparation of Trading, Profit and Loss account and Balance Sheet of a sole proprietorship with adjustments.
Incomplete Records
- Features, reasons and limitations. Ascertainment of Profit/Loss by the Statement of Affairs method.
Course Structure for CBSE Class 11 Accountancy Term I
Unit |
|
Marks |
1 |
Theoretical Framework |
12 |
|
Introduction to Accounting
Theory Base of Accounting |
|
2 |
Accounting Process |
28 |
|
Recording Of Business Transactions,
Bank Reconciliation Statement,
Depreciation, Provisions and Reserves |
|
|
|
|
|
Total Theory |
40 |
|
Project Work (Part -1) |
10 |
Course Structure for CBSE Class 11 Accountancy Term II
Unit |
|
Marks |
Unit 2 |
Accounting Process |
12 |
|
Accounting For Bills of Exchange
Trial Balance And Rectification of Errors |
|
Unit 3,4 |
Part B: Financial Accounting-II |
28 |
|
Financial Statements of Sole Proprietorship from Complete and Incomplete Records
Computers In Accounting |
|
|
|
|
|
Total Theory |
40 |
|
Project Work (Part -2) |
10 |
Project Work for CBSE Class XI Accountancy Term I
It is advisable to start this project after finishing the section on financial statement preparation. The student(s) may choose any company or create a fake commercial transaction for the purpose of the project. By going through the chapters and applying them practically, the project will become an interesting activity. The trial balance and the financial statements are to be prepared by the pupils in the following stage.
Project Work for CBSE Class XI Accountancy Term II
Part C |
Project Work |
Marks |
|
Project Work Term I |
10 |
|
Project Work Term II |
10 |
|
Total |
20 |
Benefits of Accountancy Class XI Syllabus PDF
It’s important for every student to know the syllabus before they begin their preparation. They can get the syllabus from the Extramarks website.
The syllabus contains essential data regarding marks distribution across two terms. The curriculum includes all instructions for project work, submission procedures and presentations. Information about the viva voce is also included in the syllabus.
Following the curriculum helps avoid memorising extraneous passages that students frequently have a tendency to do in order to pass exams. It also offers a bird’s eye view of the syllabus.