Class 11 Accountancy: Accounting Terminology
Chapter 2: Accounting Terminology — build your accounting vocabulary with 46 essential terms organized into thematic groups covering capital, liabilities, assets, revenue, expenses, and more. CBSE Class 11 Accountancy notes covering 8 topics: Capital and Drawings, Liabilities, Assets, Revenue Expenses and Profit, Purchases Sales and Inventory, Trade Receivables and Payables, Cost Discounts and Bad Debts, and Essential Accounting Terms.
Topics(8)
Assets
Meaning and characteristics of assets, classification into non-current, current, and fictitious assets with examples and Companies Act 2013 criteria.
Capital and Drawings
Meaning of capital, owner's equity, the business entity concept, and drawings with examples. CBSE Class 11 Accountancy notes
Cost, Discounts and Bad Debts
Cost, voucher types, trade discount, cash discount, rebate, and bad debts with treatment in books of account. CBSE Class 11 Accountancy notes
Essential Accounting Terms
Balance sheet, book value, books of account, debit and credit, depreciation, entry, insolvent, solvent, proprietor, and financial statements. CBSE Class 11 Accountancy notes
Liabilities
Meaning of liabilities, internal vs external liabilities, classification into non-current and current liabilities with examples and Companies Act 2013 criteria.
Purchases, Sales and Inventory
Purchases and sales, returns, revenue from operations, goods, stock and inventory types including opening stock, closing stock, raw materials, work-in-progress with valuation methods. CBSE Class 11 Accountancy notes
Revenue, Expenses and Profit
Revenue receipts and capital receipts, capital and revenue expenditure, deferred revenue expenditure, expenses, prepaid and outstanding expenses, revenue, income, profit, gain, and loss with examples. CBSE Class 11 Accountancy notes
Trade Receivables and Payables
Trade receivables, debtors, bills receivable, trade payables, creditors, and bills payable with definitions and Schedule III references. CBSE Class 11 Accountancy notes