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Learning Games and Activities in Accountancy - Class 11

Here are some activities to help students learn with fun. Then can check their understanding of the topics.

1. Classification of Terms -2 activities
2. Terms related to Accounting
3. Accounting Terms ,
4. Accounting Antonyms
5. Trial Balance MCQs
6. Quiz based on first five chapters of 11^th Accounting
7. Introduction to Accounting
8. Accounting Concepts/Principles 
9. Characteristics and Principles of GAAP
10. Nature of Account Class 11
11. Rules of Dr./Cr.
12. Ledger - 2 activities
13. GST MCQs
14. Subsidiary Books
15. Subsidiary Journals MCQs
16. Bank Reconciliation Statement - 2 activities
17. Trial Balance 1
18. Trial Balance 2
19. Trial Balance MCQs
20. Types of Accounting Errors
21. Rectification of Errors MCQs
22. Final Accounts - Transfer of Items and 3 other
23. Final Accounts - 1,2 activities
24. Final Accounts - 3,4 activities
25. Final Accounts of Sole Proprietor
26. Accounts from Incomplete Records - 2 activities
27. Accounts from Incomplete Records MCQs

NOTE: All these above activities are scattered here and there. Only the above links will take you to the concerned activity. Activities added after these have been directly posted with the concerned topic, without inserting link here.

Find more such Learning Activities.

Learning Games and Activities in Business Studies Class 11

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These are some Very Important Questions with Answers which students must understand:

Questions

1. Give any three points of superiority of Accrual Basis of Accounting over Cash Basis of Accounting.
2. Give a transaction that can break the Accounting Equation.
3. 'Provide for all the possible losses but don't anticipate profits.' Identify the Accounting concept referred in this sentence.
4. What is window dressing?
5. How does Cash book serve the dual purpose?
6. What is contra entry?
7. What do you mean by imprest?
8. Is Trial Balance the conclusive evidence of accuracy of Accounting records?
9. What option is available to the accountant if Trial Balance doesn't match and Final Accounts are to be prepared?
10. What is the nature of Suspense Account?
11. Which accounts are not balanced?
12. Which accounts are not taken to Trial Balance?
13. Which accounts are taken to Trading account and Profit and Loss account?
14. What types of accounts are taken to the Balance Sheet?
15. When is CGST used?
16. Identify the subsidiary book in which the following can be recorded:                                                                                                                     (a) Paid rent, (b) Outstanding wages.

17. Identify the type of Accounting Error:

(a) Wages paid to Ankit debited to Ankit account.

(b) Debit side of Mahesh account cast short.

18. Identify whether the following are capital items or revenue items:                                                                                                                               (a) Rent paid, (b) Wages paid for construction of building.

19. What are the two basis of Marshalling of Balance Sheet?
20. Arrange the following items in order of permanence:                                                                                                                                                 (a) Land and building, cash in hand, stock.      (b) Bank loan, Bills payable, Capital.

21. What type of accounts are included in financial statements?
22. Where do we transfer different types of accounts from Trial Balance, while preparing financial statements of sole proprietor?
23. What is secret reserve?
24. What are operating expenses and non-operating expenses?
25. Give two examples of indirect expenses.
26. What is the difference between operating profit and net profit?
27. Write the main difference between provision and reserve.
28. What is opening journal entry?
29. Give an example of adjusting entry.
30. Write the difference between depreciation and amortization.
31. What is depletion of an asset?
32. Write the main difference between gross profit and net profit.
33. Give any two similarities of Balance Sheet and Trial Balance.
34. Give any two objectives of GST.
35. Out of journal and ledger which one is known as book of prime entry and why?
36. What is the purpose of pay-in-slip?
37. Why do we record personal expenses of proprietor as drawings, while preparing financial statements of sole proprietor?
38. Give any two qualitative characteristics of accounting information.
39. Give any two examples of specific reserve.
40. Which system of accounting is called unscientific and incomplete and why?
41. What is revenue expenditure?
42. What is deferred revenue expenditure?
43. Give any two uses of accounting standards.
44. Give the full form of ICAI and IFRS.

Important Theory Questions in Accountancy Class 11

Answers

1. Accrual basis of accounting considers all transactions cash transactions as well as credit transactions whereas in case of cash basis of accounting only cash transactions are considered.
2. No transaction can break the accounting equation.
3. Prudence concept or conservatism concept.
4. Manipulation of accounting records to show a different picture is called window dressing.
5. All the transactions relating to cash and Bank are recorded in cash book in chronological order so it becomes a journal. All the transactions relating to cash and Bank can be checked at a single place with its balance so it becomes ledger also.
6. Contra entry is the entry recorded on both sides of cash book one in cash column the other in Bank column.
7. Imprest is the monthly advance given to the petty cashier for petty expense.
8. No, Trial Balance is not a conclusive evidence of accuracy of accounting records. There can still be some errors left after matching of the Trial Balance.
9. The difference in trial balance can be put to suspense account.
10. The nature of suspense account is not fixed as it is an artificial and Temporary account.
11. Nominal accounts are not balanced.
12. The accounts having Nil balance or not taken to trial balance.
13. Nominal accounts are taken to trading and profit and loss account.
14. Real and personal accounts are taken to balance sheet.
15. Cgst is used for intra State transactions means within the same state.
16. a. Cash book , b. journal proper
17. a.  Error of principle, b. clerical errors
18. a. Revenue item, b. capital item
19. a. Order of liquidity, b. order of permanence
20. a. Land and building, stock, cash in hand, b. Capital, bank loan, bills payable
21. Personal accounts, real accounts and nominal accounts.
22. Nominal accounts are taken to trading and profit and loss account and Real and personal accounts are taken to balance sheet.
23. Secret reserve is the Reserve which is not disclosed in the balance sheet, it is also called hidden reserve.
24. Operating expenses are the expenses relating to operating activities of the business that is expenses which are related to to day to day functioning of the business. Non-Operating expenses are the expenses which are not required for the day-to-day functioning of the business.
25. Examples of indirect expenses -  salaries, rent.
26. Net profit is calculated after considering non-operating expenses and non-operating income but operating profit is calculated without considering non-operating expenses and non-operating income.
27. The purpose of making provision is to meet some known liability whereas the purpose of creating reserve is to strengthen the financial position or payment of an unknown liability.
28. Opening journal entry is journal entry passed in the beginning of the accounting year to open the accounting books.
29. Expenses A/c     Dr.   To Outstanding Expenses
30. Depreciation is charged on Fixed assets whereas amortization is used for writing off Intangible Assets.
31. Exhausting of an asset (natural resources) like Coal mine.
32. Gross profit is after meeting cost of production but the net profit is after meeting all the expenses and losses.
33. There is main similarity i.e. Totals of both the sides/ columns of these statements must be same for meaningful results. Both are based on Accounting Equation.
34. Two objectives of GST are: To simplify tax structure and to solve the problem of black money.
35. Journal is called book of prime entry as all transactions are first of all recorded in Various types of journal.
36. The purpose of pay-in-slip is to deposit cash into bank.
37. To calculate correct amount of net profit of business.
38. Relevance, comparability.
39. Debenture Redemption Reserve, Workmen's Compensation Reserve.
40. Single entry system, because it doesn't record both the aspects of a transaction and there is absence of any principles.
41. The expenses on normal day to day business activities the benefit of which is obtained during the same accounting period.
42. The revenue expenditure the benefits of which will be obtained over many accounting years.
43. To bring uniformity in accounting records and provide comparability.
44. ICAI - Institute of Chartered Accountants of India, IFRS - International Financial Reporting Standards.

Important Theory Questions in Accountancy Class 11

Learning Games and Activities in Accountancy – Class 11

The post Important Theory Questions in Accountancy Class 11 appeared first on Commerceatease - Website for 11th & 12th Commerce.

How to study Accountancy? Most of the students take Commerce and get entangled in answering this question but are not prepared to put in efforts required. Here are some suggestions to tame the subject:

1. Be regular

Be regular in school, don't skip class, don't skip an assignment as the accounting concepts are all related like if a students understand the basic terminology, only then he can understand the rules of accounting.

If he understands rules, he can understand to prepare Journal, Ledger, Trial Balance and so on. Cramming any topic without basic understanding will not help to understand Accountancy.

   2. Try to understand

Accountancy is based on logic. So, try to understand the concepts rather than memorizing. Understanding the terms, then accounting rules, Journalizing, ledger posting etc. are the processes that are basic to Accounting but cannot be done without understanding. Understanding makes Accounting an interesting process.

3. Try to apply rules

No question in Accountancy can be done without the accounting rules. So, whatever you do, apply rules. Cramming can land you into trouble if you forget the things, but deep understanding of rules will be there to solve every problem however difficult it is.

4. Ask your teacher

If you are attentive in class, listening to your teacher properly, jotting down main points but are not following something, don't hesitate to ask your teacher the point you have not understood, as the problems will accumulate and become difficult to handle later on.

5. Practice is the key

Though Accountancy is based on rules, and you have understood the rules, it is the subject that requires lot of practice. If you solve fifty questions, there can be a fifty first question set in the exam. Every single question solved by you should give you satisfaction.

6. Keep in mind your future goal

If you don't feel like studying accounting, you need to motivate yourself by thinking about what you want to become that you had thought of becoming when you opted for Commerce. Don't forget the saying, No pain, no gain.

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1. During the first fifteen minutes given specially for this purpose, Read the question paper thoroughly, to understand what is required to be written. You can also plan the strategy of answering the questions.

2. Read the instructions properly, regarding the parts, word limit for the answers etc.

3. Try to attempt the questions in serial order. Space can be reserved for the answers to be written later on.

4. While starting to answer the question, read it once again as it has been seen that either by excitement or by fear students miss the important points like: the date of transaction, the date of balance sheet, the requirement of the question etc. It has been observed that sometimes students pass journal entries instead of preparing ledger accounts and vice-versa.

5. Performa of all the statements and accounts must be prepared properly with their names and other particulars required to be written on the top. Narrations must be written though in brief as marks are deducted for not doing so.

6. Working notes must be neatly given before or after the solution but in no case calculations should be done in the account or statement which makes the work untidy, Calculations and rough work must be done on rough space on the right side of the answer sheet on the same page or a separate sheet. It would be better to put Question no. with the rough work also. Quick Tips for Calculations can be learnt for time saving.

7. While making statements and accounts Numerical Figures must be written perfectly in symmetry one below the first to make the addition quickly, totals may be written with pencil before finalizing.

8. Answers required must be highlighted by giving headings, in case of short answers like, ratios can be written in boxes to facilitate the examiner in performing his duty. Always keep in mind the Golden Principle "Make the examiner happy by writing what he wants, he will make you happy by giving the marks that you want".

So, this was answer to, How to Perform Well in Accountancy Paper?

Stress Management Techniques for Students

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PART A: FINANCIAL ACCOUNTING - I

Unit-1: Theoretical Framework (12 Marks)

Introduction to Accounting:

Accounting- concept, meaning, as a source of information, 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:

Entity, Business, Transaction, Capital, Drawings. Liabilities (Non-Current and Current). Assets (Non-current, Current); Expenditure (Capital and Revenue), Expense, Revenue, Income, Profit, Gain, Loss, Purchase, Sales, Goods, Stock, Debtor, Creditor, Voucher, Discount (Trade discount and Cash Discount)

Theory Base of Accounting:

Fundamental accounting assumptions:

GAAP: Concept Basic accounting concepts: Business Entity, Money Measurement, Going Concern, 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 of Accounting Standards (AS) and Indian Accounting Standards (IndAS)

Goods and Services Tax (GST): Meaning, Characteristics and Advantages.

Unit-2: Accounting Process (44 Marks)

Recording of Business Transactions:

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 cashbook, Purchases book, Sales book, Purchases return book, Sales return book, Journal proper

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

Depreciation, Provisions and Reserves

Depreciation: Meaning, Features, Need, Causes, factors, Other similar terms: Depletion and Amortization

Methods of Depreciation: i. Straight Line Method (SLM) ii. Written Down Value Method (WDV)

Note: Excluding change of method Difference between SLM and WDV;

Advantages of SLM and WDV

Method of recoding depreciation

1. Charging to asset account
2. Creating provision for depreciation/accumulated depreciation account

Treatment of disposal of asset

Provisions, Reserves, Difference Between Provisions and Reserves.

Types of Reserves: i. Revenue reserve ii. Capital reserve iii. General reserve iv. Specific reserve v. Secret Reserve

Difference between capital and revenue reserve

Trial balance and Rectification of Errors

Trial balance: objectives, meaning and preparation (Scope: Trial balance with balance method only)

Errors: classification-errors of omission, commission, principles, and compensating; their effect on Trial Balance.

Detection and rectification of errors;

(i) Errors which do not affect trial balance

(ii) Errors which affect trial balance preparation of suspense account.

Accountancy Class 11 Syllabus (2024-25) Simplified

PART B: FINANCIAL ACCOUNTING - II

Unit 3: Financial Statements of Sole Proprietorship (24 Marks)

Financial Statements:

Meaning, objectives and importance; Revenue and Capital Receipts; Revenue and Capital Expenditure; Deferred Revenue expenditure. Opening journal entry.

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 :

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 and Profit and Loss account and Balance Sheet of a sole proprietorship with adjustments.

Incomplete Records:
Features, reasons and limitations, Ascertainment of Profit/Loss by Statement of Affairs method. (excluding conversion method)

PART C: PROJECT WORK – 20 MARKS

The syllabus contains guidelines for project work also.

Accountancy Quiz -1 based on first five chapters.

How to Study Accountancy Effectively?

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