CBSE Class 11 Accountancy Revision Notes

Introduction to CBSE Exam

CBSE or the Central Board Of Secondary Education has a holistic approach that inculcates both the physical and mental development of all learners. There are more than twenty thousand schools under the CBSE Board following the NCERT curriculum in India. In addition to an exhaustive syllabus, CBSE also has a well-structured exam pattern.

CBSE Class 11 Accountancy Notes

The CBSE Class 11 accountancy notes are compiled by some of the most brilliant minds with over a decade of experience in teaching. Our experts have spent time and energy analysing study material and CBSE previous year question papers of 10 years or more before compiling the accountancy notes class 11. The CBSE Class 11 accountancy notes also encompass the latest academic year CBSE syllabus, and any addition to the present academic year is accounted for. 

A student studying from our CBSE Class 11 accountancy notes will reduce any anxiety and stress caused during exams. The Accountancy notes Class 11 curated and offered by Extramarks fully prepare students for their board exams. The notes are easy to read and self-explanatory. In addition, the CBSE Class 11 accountancy notes that we offer also includes important questions and CBSE sample papers described concisely. While the notes provide the students with all the study material they need to tackle subjective and objective questions, the CBSE extra questions that we offer along with the CBSE Class 11 accountancy notes help students prepare for the board exams. 

The CBSE syllabus is governed by the National Council of Educational Research and Training. Hence, NCERT books are used as references while preparing the CBSE Class 11 accountancy notes such that these reference materials include every aspect of the CBSE syllabus for Accountancy. In addition, the study material is aimed at reducing anxiety while the students face the frenetic academic year ahead.

Extramarks CBSE Class 11 accountancy notes offer chapter-wise material for study, short keynotes and revision notes to prepare for the board exams, CBSE extra questions pertaining to the subject, as well as CBSE previous year question papers and sample papers. Accountancy can be very complicated, and if a student is not provided with good study material, they may find the subject daunting. Hence, every student can access these notes for free on Extramarks. In addition, if the study material such as the CBSE Class 11 accountancy notes provided is interesting, students enjoy studying the respective subject and easily achieve success. 

Chapter-wise Revision Notes for Class 11 Accountancy

Accountancy is a vital subject for a commerce student, and hence, having informative and all-inclusive CBSE Class 11 accountancy notes is also crucial. Class 11 accountancy deals with the basic concepts of the subject. It can be considered the building block of Accountancy that will help strengthen the fundamentals of the subject. With the help of CBSE Class 11 accountancy notes, the students can grasp various concepts such as Trial Balance and Rectification of Errors, Bank Reconciliation Statement, Depreciation, among others which otherwise would be very difficult to understand. 

The Extramarks CBSE Class 11 accountancy notes are designed and structured by experienced subject matter experts. The subject matter experts we have empanelled in our team have many years of experience teaching and preparing students for board exams. The revision notes that the experts prepare are structured as per the CBSE syllabus and includes a set of important questions to help students perform well in the examination. Diagrams and formulas, if any, are explained precisely to enable clear understanding. 

The most important aspect of the CBSE Class 11 accountancy notes is that it is designed as per the CBSE guidelines and according to NCERT books. Therefore, the CBSE revision notes assure ease of study and timely preparation, resulting in the best in the accountancy board examination. 

CBSE Class 11 accountancy notes for Term 1

The CBSE Class 11 accountancy notes for term 1 includes the following:

Chapter 1 – Theoretical Framework

• Unit 1: Introduction to Accounting
  • Sub Unit 1: Accounting 
    • Accounting objectives and concept
    • Advantages and limitations of accounting
    • Types of accounting information
    • Need for Accounting Information
    • Qualitative Characteristics of Accounting Information. 
    • Users of Accounting Information
    • Role of Accounting in Business
  • Sub Unit 2: Basic Accounting Terms 
    • Capital, Drawings, Business Transaction
    • Current and Non-current Liabilities 
    • Current and Non-current Assets 
    • Tangible and Intangible Fixed assets
    • Capital and Revenue Expenditure, 
    • Expense and Income, Profit, Gain and Loss, Purchase and Sales, Goods and Stock, Debtor and Creditor, Voucher
    • Discount – Trade discount and Cash Discount

• Unit 2: Theory Base of Accounting
  • Sub Unit 1: Fundamental accounting assumptions
    • GAAP and Concept
  • Sub Unit 2
    • Business Entity
    • Going Concern
    • Cost Concept
    • Accounting Period
    • Dual Aspect
    • Money Measurement
    • Revenue Recognition
    • Materiality and Objectivity
    • Full Disclosure
    • Consistency
    • Matching
    • Conservatism
  • Sub Unit 3: System of Accounting. 
    • Basis of Accounting: Cash and Accrual
  • Sub Unit 4: Accounting Standards
    • Applicability in India
  • Sub Unit 5: Goods and Services Tax (GST)
    • Characteristics and Objective

Chapter 2 – Accounting Process

• Unit 1: Recording of Business Transactions 
  • Sub Unit 1: Voucher and Transactions
    • Source documents and Vouchers
    • Preparation of Vouchers
  • Sub Unit 2: Accounting Equation Approach
    • Meaning and Analysis
    • Rules of Debit and Credit.
  • Sub Unit 3: Recording of Transactions
    • Journal – Books of Original Entry
  • Sub Unit 4: Special Purpose books
    • Cash Book
      • Simple cash book 
      • Cash Book with bank column
      • Petty cash book
    • Sales book
    • Sales return book
    • Purchases book
    • Purchases return book
• Unit 2: Ledger
  • Sub Unit 1: Ledger Format
  • Sub Unit 2: Ledger Posting
    • Posting from subsidiary books
    • Posting from journal
  • Sub Unit 3: Balancing of accounts
• Unit 3: Bank Reconciliation Statement
• Unit 4: Depreciation, Provisions and Reserves
  • Sub Unit 1: Depreciation: Concept, Features, Causes, factors
  • Sub Unit 2: Other similar terms: Depletion and Amortisation
  • Sub Unit 3: Methods of Depreciation
    • Straight Line Method or SLM
    • Written Down Value Method or WDV
    • Advantages of SLM and WDV
    • Difference between SLM and WDV
  • Sub Unit 4: Accounting treatment of depreciation
    • Charging to an asset account
    • Accumulated depreciation account/Creating provision for depreciation
  • Sub Unit 5: Difference between Provisions and Reserves
  • Sub Unit 6: Types of Reserves
    • Revenue reserve
    • Capital reserve
    • General reserve
    • Specific reserve
    • Secret Reserve
  • Sub Unit 6: Capital and revenue reserve difference
• Unit 5: Accounting for Bills of Exchange
  • Sub Unit 1: Bill of exchange and Promissory Note 
    • Definition, Specimen, Features and Parties
  • Sub Unit 2: Bill of Exchange and Promissory Note difference
  • Sub Unit 3: 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 the due date 
    • Negotiation
    • Bill sent for collection.
    • Dishonour of bill
  • Sub Unit 4: Accounting Treatment
• Unit 6: Trial balance and Rectification of Errors
  • Sub Unit 1: Trial balance
    • Objectives and preparation
  • Sub Unit 2: Errors
    • Types of Errors
      • Errors of omission
      • Errors of commission
      • Errors of principles 
      • Errors of compensating
    • Effect of Errors on Trial Balance
    • Detection and rectification of errors
  • Sub Unit 3: Preparation of suspense account

CBSE Class 11 accountancy notes for Term 2

The CBSE Class 11 accountancy notes for term 2 includes the following:

Chapter 3 – Financial Statements of Sole Proprietorship

• Unit 1: Financial Statements
  • Sub Unit 1: Introduction
    • Meaning, objective and Importance of financial statement
    • Revenue and Capital Expenditure
    • Revenue and Capital Receipts
    • Deferred Revenue expenditure
  • Sub Unit 2:Trading and Profit and Loss Account
    • Operating Profit
    • Gross Profit
    • Net Profit
  • Sub Unit 3: Preparation of Balance Sheet – Assets and Liabilities
  • Sub Unit 4: Preparation of Financial Statement
  • Sub Unit 5: Preparation of Trading and Profit & Loss Account
  • Sub Unit 6: Preparation of Balance Sheet of a sole proprietorship
• Unit 2: Incomplete records

Chapter 4 – Computers in Accounting

• Unit 1: Introduction to AIS (Accounting Information System)
  • Introduction to computers
    • Elements of computer
    • Capabilities and limitations 

Click on the respective links above for CBSE Class 11 accountancy notes for free. From study material to CBSE revision notes, previous year question papers, and CBSE sample papers, you will find every information you need in the notes we offer, structured following the NCERT books. 

CBSE Quick Revision Notes for Class 11 Accountancy

It is common to feel stressed when exams are just around the corner. Every student has to be prepared for the exam and have enough time to revise. Most students make notes to revise during the exam. But revision notes must include everything, from study material picked from the NCERT books to important questions, formulas, graphs, and CBSE sample papers. Extramarks CBSE Class 11 accountancy notes can help a student prepare for the board exams, and the revision notes can help tackle the stress that invades the student’s mind right before the exam. 

For free CBSE Class 11 accountancy notes for revision, click on the respective links below.

• Introduction to Accounting
• Theory Base of Accounting
• Recording of Transactions
• Bank Reconciliation Statement
• Trial Balance and Rectification of Errors
• Depreciation, Provision and Reserves
• Bill of Exchange

Students can save their precious time referring to the exclusive and all-inclusive CBSE Class 11 accountancy notes for revision. Click on the link and read for free!

CBSE Class 11 Accountancy – Distribution of Marks 

The CBSE Class 11 accountancy notes can help students prepare for the exam. But the distribution of marks holds equal Importance as it can help students determine which chapter needs to be studied in depth.

The marks are divided equally for term one and term two. While theory holds 40 marks, 10 marks are allotted to the project for the respective term.

A student can benefit immensely by understanding how the marks are bifurcated in addition to studying the CBSE Class 11 accountancy notes offered by Extramarks.

How Extramarks Can Help Students for Class 11 Accountancy

The Extramarks CBSE Class 11 accountancy notes offer many benefits to the students. From easy-to-understand language to all-inclusive study material, our CBSE Class 11 accountancy notes have everything a student needs to study and revise for the board exam. 

Benefits of Extramarks CBSE Class 11 accountancy notes are

• Course material is segmented into various chapters, units and subunits for easy navigation.
• Study material as per the CBSE syllabus and NCERT books.
• CBSE revision notes – Exclusive CBSE Class 11 accountancy notes for revision which caters to the increasing demand for material to study during the exam.
• CBSE previous year question papers of ten years compiled to help students recognise the important questions and topics put from the accountancy CBSE syllabus.
• CBSE sample papers to prepare the students for board examination.

To access the CBSE Class 11 accountancy notes for free, click here.