Advertisement

Accounts Class 11 ISC (Commerce) CISCE Topics and Syllabus

Academic year:

Syllabus

100 Introduction to Accounting

Background of accounting and accountancy. ; types of accounts; basic terms used in accounting, and Accounting Equation. Knowledge and understanding of IFRS (International Financial Reporting Standards); GAAP (Generally Accepted Accounting Principles), Accounting Standards.

  • Basic Terms: Event, Transaction, Vouchers, Debtors, Creditors, Purchases, Sales, Assets (intangible, tangible, fixed, current, liquid and fictitious), Liabilities (internal and external – current, fixed and contingent), Goods traded in, Stock (raw material, work in progress and finished goods), Profit, Loss, Expense, Revenue, Income, Drawings and Capital.
  • Accounting equation – Meaning and usefulness.
    • Evolution of accounting; difference between bookkeeping, accounting and accountancy; functions, characteristics, objectives, advantages and limitations of accounting users of accounting information; subfields of accounting - meaning of financial accounting, cost accounting and management accounting.
200 Journal, Ledger and Trial Balance

Journal: recording of entries in journal with narration.

  1. Classification of Accounts.
  2. Double Entry System.
  3. Rules of journalizing – traditional classification or modern approach.
  4. Meaning of journal.
  5. Format of journal.
  6. Simple and compound journal entries (with specimens to practice).
  7. Advantages of using a journal.

Ledger: posting from journal to respective ledgers

  1. Meaning of ledger
  2. Format of a ledger.
  3. Mechanics of posting.
  4. Balancing of various ledger accounts.
  5. Practical problems on journal and ledger.

Sub-division of journal - cash book [including simple cash book and triple column cash book (cash, bank and discount) with contra entry pertaining to receipt of cheque not deposited on the same day. Petty cash book (including analytical and imprest system), sales day book, purchases day book, sales return day book, purchases return day book and Journal proper.

Mechanics of posting from special subsidiary books.

Trial Balance.

  • Meaning, objectives, advantages and limitations of a Trial Balance.
  • Preparation of the Trial Balance by the balance method from the given ledger account balances.
300 Bank Reconciliation Statement

Bank reconciliation statement

  • Meaning and need for bank reconciliation statement.
  • Preparation of a bank reconciliation statement from the given cash book balance or pass book balance or both.
  • Preparation of a bank reconciliation statement from the extract of the cash book as well as the pass book relating to the same month.
  • Preparation of an amended cash book and a bank reconciliation statement from the given cash book balance.
  • Preparation of an amended cash book and a bank reconciliation statement from the extract of the cash book as well as the pass book relating to the same month
400 Depreciation
  • Depreciation. Depreciation - meaning, need, causes, objectives and characteristics.
  • Methods of charging depreciation: Straight Line and Written Down Value method
  • Method of recording depreciation – charging to asset account, creating provision for depreciation / accumulated depreciation.
  • Problems relating to purchase and sale of assets incorporating the application of depreciation under the two stated methods. Self explanatory.
500 Bills of Exchange
  • Introduction to Negotiable Instruments: explanation of basic terms
  • Meaning of negotiable instruments; Bills of exchange, promissory note (including specimen and distinction), cheque, advantages and disadvantages of Bills of Exchange, explanation of basic terms - drawer, drawee, payee, endorser, endorsee, bill on demand / bill on sight, bill after date, bill after sight, tenure of the bill, days of grace, due date, endorsement and discounting of bills, bill sent for collection, dishonour of a bill, noting charges, notary public, renewal of a bill, retirement of a bill and insolvency of the drawee/acceptor
  • Practical problems on the above in the books of drawer, drawee and endorsee
  • Self explanatory.
600 Accounting Concepts

GAAP (Generally Accepted Accounting Principles), Basis of Accounting; Accounting Standards; Knowledge and understanding of IFRS (International Financial Reporting Standards);

  • GAAP: Going Concern, Accounting Entity, Money Measurement, Accounting Period, Complete Disclosure, Revenue Recognition, Verifiable Objective, Matching Principle, Historical Cost, Accrual Concept, Dual Aspect Concept, Materiality, Consistency, Prudence and Timeliness.
  • Basis of accounting – cash basis and accrual basis.
  • Accounting Standards: Concept and objectives.
  • Introduction to IFRS
700 Final Accounts and Concept of Trading, Profit and Loss Account and Balance Sheet (With and Without Adjustments), Marshalling of Balance Sheet

Capital and Revenue Expenditure/Income

  • Meaning and difference between capital expenditure and revenue expenditure with examples.
  • Meaning and difference between capital income and revenue income with examples.
  • Meaning and difference between capital profit and revenue profit with examples
  • Meaning and difference between capital loss and revenue loss with examples.
  • Meaning of deferred revenue expenditure with examples

Provisions and Reserves

  • Meaning, importance; difference between provisions and reserves; types of reserves - revenue reserve, capital reserve, general reserve, specific reserve and secret reserve

Trading, Profit and Loss Account and Balance Sheet of a sole trader, (Horizontal Format) without adjustments.

  • Meaning object, importance and preparation of Trading, Profit and Loss Account and Balance Sheet of a sole trader.

Preparation of Trading Account, Profit and Loss Account and Balance Sheet with necessary adjustments.

  • Adjustments relating 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, manager’s commission (on the net profit before and after charging such commission), goods distributed as free samples and goods taken by the owner for personal use and abnormal loss.

Marshalling of a Balance Sheet:

Order of permanence and order of liquidity.Self explanatory

800 Rectification of Errors

Errors and types of errors: Rectification of errors after the preparation of trial balance and Rectification of Errors after the preparation of Final Accounts.

  • Types of Errors: errors of omission, errors of commission, errors of principle, compensating errors.
  • Rectification of errors after the preparation of trial balance and through suspense account if required.
  • Rectification of errors after the preparation of Final Accounts through P/L Adjustment A/c if required. Redrafting of Balance Sheet not required.
900 Accounts from Incomplete Records
  • Single entry and difference with double entry.
  1. Meaning, characteristics and limitations.
  2. Difference between Statement of Affairs and Balance Sheet
  • Ascertainment of profit/loss by statement of affairs method including application. Self explanatory.
1000 Non Trading Organisation

Non Trading Organization

  • meaning, objectives, necessity and treatment of specific items.
  • Self explanatory.

Different books maintained and differences between them.

  • Receipts and Payments Accounts: meaning, features, differences between Receipts and Payments Account and Cash Book
  • Income and Expenditure Accounts: meaning, features, difference, between Income and Expenditure account and Profit and Loss account.
  • Balance Sheet and its role.

Preparation of Income and Expenditure Account and Closing Balance Sheet.

Preparation of Income and Expenditure Account and Balance Sheet when Receipts and Payments Account and other information is given

  • Entrance, admission fees, life membership fees, legacies and special donations are to be capitalised
  • General donations and all receipts of a recurring nature such as membership fees are to be taken as revenue receipts.
  • Preparation of accounts of incidental activities such as restaurant accounts are not required.
1100 Introduction to the Use of Computers in Accounting
  • Introduction to Computerised Accounting System: Components of CAS, Features, Advantages and Limitations of CAS, Accounting Information System and Management Information System. Self explanatory.
  • A theoretical understanding of preparation of Trial Balance, Profit and Loss account and Balance Sheet with the help of spreadsheets. Self explanatory.
  • Comparison of accounting processes in manual and computerized accounting.
  • Selection of an Accounting Software Package
  • Factors affecting the selection of accounting software package/s based on organizational needs
  • Introduction to Computerised Accounting softwares
  • Basic understanding and advantages and disadvantages of ready to use, customized, tailor-made accounting systems (E.g.: Tally, VISHESH or any other accounting system).
Advertisement
Advertisement
Share
Notifications

View all notifications
Login
Create free account


      Forgot password?
View in app×