Aims:



1. To provide an understanding of the principles of accounts and practice in recording transactions and interpreting individual as well as company accounts.



2. To develop an understanding of the form and classification of financial statements as a means of communicating financial information.







CLASS XI



There will be one paper of 3 hours duration of 100 marks divided into two parts.



Part I (30 marks) will be compulsory and will consist of two questions based on the entire syllabus



Question 1 (20 marks) will include compulsory short answer questions, testing knowledge, application and skills relating to elementary/ fundamental aspects of the syllabus.



Question 2 (10 marks) will be a compulsory numerical question.



Part II (70 marks): Candidates will be required to answer five questions out of eight questions from this section. Each question shall carry 14 marks.







1. Basic Accounting Concepts



Background of accounting and accountancy: knowledge and understanding of GAAP; accounts - types and classification; basic terms used in accounting, Accounting Standards and Accounting Equation.







2. Journal and Ledger



(i) Journal: recording of entries in journal with narration.



(ii) Ledger: posting from journal to respective ledgers.







3. Cash Book and Bank Reconciliation Statement



(i) Cash book (including petty cash book): single column; double column; triple column.



(ii) Bank reconciliation statement.







4. Trial Balance, Rectification, Capital and Revenue Expenditure and Income



(i) Trial balance.



(ii) Errors and types of errors: errors of omission; errors of commission; errors of principles; compensating errors.



(iii) Capital and revenue expenditure/income.







5. Depreciation, Provisions and Reserves



(i) Depreciation.



(ii) Methods of charging depreciation (straight line and WDV method).



(iii) Application of depreciation with the above mentioned methods: problems with purchase and sale of assets. Change in method (Retrospective method as per AS - 6)



(iv) Provisions and Reserves.







6. Final Accounts and Manufacturing Accounts - Concept of Manufacturing, Trading, Profit and Loss account and Balance Sheet (with and without adjustments), Marshalling of Balance Sheet



(i) Concept of Manufacturing Accounts.



(ii) Meaning and preparation of Manufacturing, Trading, Profit and Loss account and Balance Sheet of sole tradership. (Horizontal format) - without adjustments.



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



(iv) Marshalling of a Balance Sheet: Order of liquidity and Order of permanence.







7. Single Entry - Accounts from incomplete records



(i) Single entry and difference with double entry.



(ii) Ascertainment of profit/loss by statement of affairs method including application.



(iii) Application to Problems.







8. Non Trading Organisation



(i) Non trading organization: meaning, objectives, necessity and treatment of specific items.



(ii) Different books maintained and differences between them.



(iii) Application of non-trading exercises involving: preparation of Receipts and Payments Account; Income and Expenditure Account and Opening and Closing Balance Sheet.







9. Bills of Exchange



(i) Introduction to Negotiable Instruments: explanation of basic terms.



(ii) Applications to practical problems/exercises.







10. Introduction to the use of Computers in Accounting



(i) Applications of Computers in Accounting.



(ii) Comparison of Manual and Computerized Accounting.



(iii) Accounting Software.