Accountancy Last Updated : 22 Apr, 2024 Improve Improve Like Article Like Save Share Report Accountancy is the process of measuring, processing and recording an organization’s financial and non-financial statements. It has a wider scope than Accounting as it is the route to the Accounting process. Accountancy is responsible for prescribing the accounting conventions, principles, and techniques to be followed by an organization during the accounting process. The nature of Accounting is dynamic and analytical and hence, requires special abilities and skills in an individual to interpret the information better and effectively. Accountancy Class XI PART – A Chapter 1: Introduction to Accounting Introduction to Accounting Types and Users of Accounting Information Difference between Bookkeeping and Accounting Accounting: Objectives, Characteristics, Advantages, Disadvantages and Role of Accounting Basic Accounting Terms Difference between Accounting and Accountancy Chapter 2: Theory Base of Accounting Accounting Standards: Need, Benefits, Limitations and Applicability IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles) Difference between Cash Basis and Accrual Basis of Accounting Basic Accounting Concepts Business Entity Concept Money Measurement Concept Going Concern Concept Accounting Period Concept Cost Concept of Accounting Dual Concept of Accounting Revenue Recognition Concept Full Disclosure Concept Consistency Concept Conservatism Concept Objectivity Concept Systems and Basis of Accounting | Single and Double Entry System Chapter 3: Recording of Business Transactions What is an Accounting Voucher? Explain the Types of Vouchers Introduction to Accounting Equation Accounting Equation | Increase in Assets and Capitals both and Increase in Assets and Liability both Accounting Equation | Decrease in Assets and Capital both and Decrease in Asset and Liability both Accounting Equation|Decrease in Capital and Increase in the Liability, Decrease in Liability and Increase in the Capital and Increase and Decrease in Assets Accounting Equation|Sale of Goods and Calculation of Net Worth (Owner’s Equity) Or Capital Journal Entries Rules of Journal Entry Journal Entry (Capital, Drawings, Expenses, Income & Goods) Journal Entry for Capital Journal Entry for Drawings Journal Entry for Paid Expenses Journal Entry for Income Journal Entry for Sales and Purchase of Goods Journal Entry for Cash and Credit Transactions Journal Entries | Banking Transactions (Part-1) Journal Entries | Banking Transactions (Part-2) Journal Entry for Assets Journal Entry for Depreciation Journal Entry for Discount Allowed and Received Journal Entry for Full/Final Settlement What is a Compound Journal Entry ? Opening Journal Entry Journal Entry for Bad Debts and Bad Debts Recovered Journal Entry for Loss of Insured Goods/Assets Journal Entry for Loan Taken Journal Entry for Loan Given Journal Entry for Outstanding Expenses Journal Entry for Prepaid or Unexpired or Advance Expenses Journal Entry for Accrued Income or Income Due Journal Entry for Income Received in Advance or Unearned Income Journal Entry for Income Tax Journal Entry for Life Insurance Premium & Employee’s Life Insurance Premium Journal Entry for Interest on Capital Journal Entry for Interest on Drawings Journal Entry for Use of Goods in Business Journal Entry for Expenditure on Assets (Erection or Installation) Journal Entry for Expenses on Purchase of Goods Journal Entries under GST (Goods and Services Tax) Cash Book: Meaning, Types. and Example Purchases Book: Meaning, Format, and Example Sales Book: Meaning, Format and Example Purchase Return Book: Meaning, Format, and Example Sales Return Book: Meaning, Format, and Example Journal Proper: Meaning, Format and Examples Ledger | Meaning, Format, Example and Balancing of Accounts Chapter 4: Bank Reconciliation Statement Bank Reconciliation Statement Preparation of Bank Reconciliation Statement Difference between Bank Statement and Bank Reconciliation Statement Preparation of BRS without correcting Cash Book Bank Reconciliation Statement (BRS) : Without Correcting Cash Book Preparation of Bank Reconciliation Statement with Amended Cash Book Bank Reconciliation Statement (BRS): When Extracts from Cash Book and Pass Book are given Chapter 5: Depreciation, Provisions, and Reserves Depreciation: Features, Causes, Factors and Need Methods of charging Depreciation Straight Line Method of Charging Depreciation Written Down Value Method Difference between Straight Line and Written Down Value Method of calculating Depreciation Difference between Depreciation and Amortization Provisions in Accounting – Meaning, Accounting Treatment, and Example Reserves in Accounting: Meaning, Accounting Treatment, Importance, and Example Difference between Provisions and Reserves Reserves and its Types Difference between Capital Reserve and Revenue Reserve Chapter 6: Trial Balance and Rectification of Errors Trial Balance: Meaning, Objectives, Preparation, Format, and Example Types of Errors in Trial Balance Detection and Rectification of Errors in Trial Balance What is a Suspense Account? Chapter 7: Bills of Exchange Bills of Exchange: Meaning, Features, Parties, and Advantages Promissory Note: Features and Parties Difference between Bills of Exchange and Promissory Note Important Terms in Bills of Exchange Accounting Treatment of Bills of Exchange PART – B Chapter 1: Financial Statements Introduction to Financial Statements Financial Statements with Adjustments Financial Statements with Adjustments (Journal Entries) Financial Statement with Adjustment with Examples-I Adjustment of Closing Stock in Final Accounts (Financial Statements) Adjustment of Outstanding Expenses in Final Accounts (Financial Statements) Adjustment of Prepaid Expenses in Final Accounts (Financial Statements) Adjustment of Accrued Income in Final Accounts (Financial Statements) Adjustment of Unearned Income in Final Accounts (Financial Statements) Financial Statement with Adjustment with Examples-II Adjustment of Interest on Capital in Final Accounts (Financial Statements) Adjustment of Interest on Drawings in Final Accounts (Financial Statements) Adjustment of Interest on Loan in Final Accounts (Financial Statements) Adjustment of Proprietor’s Salary in Final Accounts (Financial Statements) Adjustment of Interest on Deposits in Final Accounts (Financial Statements) Financial Statement with Adjustment with Examples-III Adjustment of Depreciation in Final Accounts (Financial Statements) Adjustment of Appreciation in Final Accounts (Financial Statements) Adjustment of Bad Debts in Final Accounts (Financial Statements) Adjustment of Provision for Bad and Doubtful Debts in Final Accounts (Financial Statements) Adjustment of Bad Debts Recovered in Final Accounts (Financial Statements) Financial Statement with Adjustment with Examples – IV Adjustment of Provision for Discount on Debtors in Final Accounts (Financial Statements) Adjustment of Provision for Discount on Creditors in Final Accounts (Financial Statements) Financial Statement with Adjustment-Loss of Insured Goods & Assets (All three cases) Adjustment of Goods given as Charity or Free Sample in Final Accounts (Financial Statements) Adjustment of Goods used for Personal Purpose in Final Accounts (Financial Statements) Financial Statement with Adjustment with Examples-V Adjustment of Use of Goods in Business in Final Accounts (Financial Statements) Adjustment of Manager’s Commission in Final Accounts (Financial Statements) Adjustment of Deferred Revenue Expenditure in Final Accounts (Financial Statements) Financial Statement with Adjustment-Loss of Insured Goods & Assets (All three cases) Stakeholders and their Information Requirements Capital Expenditure | Meaning, Example and Accounting Treatment Revenue Expenditure | Meaning, Types, Example and Accounting Treatment Capital Receipts | Meaning, Types, Components, and Accounting Treatment Revenue Receipts | Meaning, Features, Example and Accounting Treatment Difference between Capital Expenditure and Revenue Expenditure in Accountancy Difference between Capital Receipts and Revenue Receipts in Accountancy Trading and Profit and Loss Account: Opening Journal Entries Operating Profit (EBIT): Meaning, Formula and Example Balance Sheet: Meaning, Format, Need and Objectives How to prepare a Balance Sheet? Accountancy Class XII PART – A (ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES) Chapter 1: Accounting for Partnership: Basic Concepts Introduction to Accounting for Partnership Partnership Deed and Provisions of the Indian Partnership Act 1932 Difference between Limited Liability Partnership and Partnership Firm Accounting Treatment for Interest on Partner’s Capital Interest on Drawing in case of Partnership Accounting Treatment of Partner’s Loan, Rent Paid to a Partner, Commission Payable to a Partner, Manager’s Commission on Net Profit Introduction to Profit and Loss Appropriation Account Difference between Profit and Loss Account And Profit and Loss Appropriation Account Capital Accounts of the Partner: Fixed Capital Method Capital Accounts of the Partner: Fluctuating Capital Method Difference between Fixed Capital Account and Fluctuating Capital Account Past Adjustments in Partnership Guarantee of Minimum Profit to a Partner  Chapter 2: Reconstitution of a Partnership Firm: Change in Profit Sharing Ratio Reconstitution of a Partnership Firm : Reasons and Change in Profit Sharing Ratio Goodwill: Meaning, Factors Affecting Goodwill and Need for Valuation Methods of Valuation of Goodwill Average Profit Method of Calculating Goodwill Super Profit Method of Calculating Goodwill Capitalisation Method of Calculating Goodwill Accounting Treatment of Accumulated Profits and Reserves: Change in Profit Sharing Ratio Accounting Treatment of Workmen Compensation Reserve: Change in Profit Sharing Ratio Change in Profit Sharing Ratio: Accounting Treatment of Investment Fluctuation Fund Accounting Treatment of Revaluation of Assets and Liabilities: Change in Profit Sharing Ratio Accounting Treatment of Partner’s Capital Account in case of change in Profit Sharing Ratio (Fixed Capital) Accounting Treatment of Partner’s Capital Account in case of change in Profit Sharing Ratio (Fluctuating Capital) Adjustment in Existing Partner’s Capital Account in case of Change in Profit Sharing Ratio Chapter 3: Reconstitution of a Partnership Firm: Admission of a Partner Reconstitution of a Partnership Firm: Admission of a Partner Computation of New Profit Sharing Ratio: Admission of a Partner Computation of Sacrificing Ratio in case of Admission of a Partner Accounting Treatment of Goodwill in case of Admission of a Partner Hidden Goodwill: Admission of a Partner Accounting Treatment of Revaluation of Assets and Liabilities in case of Admission of a Partner Accounting Treatment of Accumulated Profits and Reserves in case of Admission of a Partner  Accounting Treatment of Workmen Compensation Reserve: Admission of a Partner Accounting Treatment of Investment Fluctuation Fund in case of Admission of a Partner Accounting Treatment of Partner’s Capital Account: Admission of a Partner (Fixed Capital) Accounting Treatment of Partner’s Capital Account: Admission of a Partner (Fluctuating Capital) Preparation of Revaluation Account, Capital Account and Balance Sheet Adjustment of Partner’s Capital Account: Admission of a Partner Chapter 4: Reconstitution of a Partnership Firm: Retirement or Death of a Partner Retirement of a Partner in case of Reconstitution of a Partnership Firm Computation of New Profit Sharing Ratio: Retirement of a Partner Calculation of Gaining Ratio: Retirement of a Partner Difference between Sacrificing Ratio and Gaining Ratio Accounting Treatment of Goodwill in case of Retirement of a Partner Hidden Goodwill in case of Retirement of a Partner Accounting Treatment of Revaluation of Assets and Liabilities in case of Retirement of a Partner Accounting Treatment of Accumulated Profits and Reserves in case of Retirement of a Partner Accounting Treatment of Workmen Compensation Reserve in case of Retirement of a Partner Accounting Treatment of Investment Fluctuation Fund in case of Retirement of a Partner Accounting Treatment of Partner’s Capital Account in case of Retirement of a Partner (Fixed Capital) Accounting Treatment of Partner’s Capital Account in case of Retirement of a Partner (Fluctuating Capital) Settlement of Amount due to a Retiring Partner when Full Amount is Paid Settlement of Amount due to a Retiring Partner: Amount Paid in Instalment Settlement of Amount due to a Retiring Partner: Transferred to Loan Account Adjustment of Capital Account in case of Retirement of a Partner Reconstitution of a Partnership Firm in case of Death of a Partner Calculation of Share of Profit up to the Date of Death of a Partner Adjustment of Interest on Deceased Partner’s Capital, Deceased Partner’s Share in Goodwill and Accumulated Profits and Reserves Accounting Treatment of Revaluation of Assets and Liabilities in case of Death of a Partner Accounting Treatment of Accumulated Profits and Reserves in case of Death of a Partner Accounting Treatment of Workmen Compensation Reserve in case of Death of a Partner Accounting Treatment of Investment Fluctuation Fund in case of Death of a Partner Accounting Treatment of Partner’s Capital Account in case of Death of a Partner (Fixed Capital) Accounting Treatment of Partner’s Capital Account in case of Death of a Partner (Fluctuating Capital) Accounting Treatment of Amount Due to Deceased Partner Accounting Treatment of Joint Life Policy in case of Death of a Partner Accounting Treatment of Individual Life Policy in case of Death of a Partner Chapter 5: Dissolution of Partnership Firm Dissolution of a Partnership Firm: Meaning, Modes of Dissolution, Modes of Settlement of accounts (Section 48) Difference between Dissolution of Firm and Dissolution of Partnership Difference between Firm’s Debt and Private Debt Dissolution of Partnership: Realisation Account Difference between Realisation Account and Revaluation Account Accounting treatment of Accumulated Profits, Reserves, and Losses in case of Dissolution of Firm Dissolution of Firm: Partner’s Capital Account Dissolution of Firm: Cash or Bank Account Dissolution of Partnership Firm: Meaning and Example Accounting Treatment of Goodwill in case of Dissolution of Firm Accounting Treatment of Joint Life Policy in case of Dissolution of a Firm Accounting Treatment of Contingent Assets and Contingent Liabilities in case of Dissolution of a firm Dissolution of Firm: Rebate on Bills Payable/Creditors and Commission or Remuneration Payable to a Partner Dissolution of Firm: Partner’s Current Account Dissolution of Firm: Taking Over of Business by a Partner Dissolution of Firm: Memorandum Balance Sheet PART – B (FINANCIAL STATEMENT ANALYSIS) Chapter 1: Accounting for Share Capital Company and its Types Difference between Public Company and Private Company Types of Shares Difference between Preference Shares and Equity Shares Share Capital: Meaning, Kinds, and Presentation of Share Capital in Company’s Balance Sheet Difference between Capital Reserve and Reserve Capital Accounting for Share Capital: Issues of Shares for Cash Issue of Shares At Par: Accounting Entries Issue of Shares at Premium: Accounting Entries Issue of Share for Consideration other than Cash: Accounting for Share Capital Issue of Shares: Accounting Entries on Full Subscription with Share Application Calls in Arrear: Accounting Entries on Issue of Shares Calls in Advance: Accounting Entries on Issue of Shares Oversubscription of Shares: Accounting Treatment Oversubscription of Shares: Pro-rata Allotment Oversubscription of Shares: Pro-rata Allotment with Calls in Arrear Forfeiture of Shares: Accounting Entries on Issue of Shares Accounting Entries on Re-issue of Forfeited Shares Disclosure of Share Capital in the Balance Sheet: Accounting Entries on Issue of Shares Chapter 2: Issue and Redemption of Debentures Issue of Debentures: Meaning, Characteristics, Purpose of Issuing Debentures and Example Types of Debentures Difference between Shares and Debentures Issue of Debentures: Accounting Treatment of Issue of Debenture and Presentation of debentures in balance sheet (with format) Issue of Debenture at Par and Premium Issue of Debentures for Consideration other than Cash Issue of Debenture as Collateral Security Interest on Debentures Redemption of Debentures Redemption of Debentures: Meaning, Sources and Rules regarding Redemption Redemption of Debentures in case of Lump-Sum Redemption of Debentures in case of Installment Redemption of Debentures in case of Purchase of Own Debentures Redemption of Debentures: Conversion into Shares or New Debentures Chapter 3: Financial Statements of a Company Introduction to Financial Statement Objectives and Characteristics of Financial Statements Financial Statement of a Company: Balance Sheet Profit and Loss Account: Meaning, Format and General instructions for preparation of Profit and Loss Account Chapter 4: Analysis of Financial Statements Introduction to Financial Analysis Financial Analysis: Objective, Methods, and Process Financial Analysis: Need, Types, and Limitations Financial Analysis: Uses, Importance, Limitations Comparative Statement: Meaning, Importance and Techniques of Presenting Financial Statements Comparative Balance Sheet: Objectives, Advantages and Format of Comparative Balance Sheet Comparative Income Statement: Objectives, Advantages and Preparation and Format of Comparative Income Statement Common Size Income Statement: Objectives, Preparation, Format of Common Size Statement Common Size Balance Sheet: Meaning, Objectives and Format of Common Size Balance Sheet Chapter 5: Accounting Ratios Ratio Analysis- Importance, Advantages and Limitations Types of Accounting Ratios Liquidity Ratio: Meaning, Types, Formula and Illustrations Current Ratio: Meaning, Significance and Examples Liquid/Quick Ratio: Meaning, Formula, Significance and Examples Solvency Ratio: Meaning, Formula, and Significance Debt-Equity Ratio: Meaning, Formula, Significance and Examples Total Assets to Debt Ratio: Meaning, Formula and Examples Proprietary Ratio: Meaning, Formula, Significance and Examples Interest Coverage Ratio | Meaning, Formula, Calculation and Examples Activity Ratio: Meaning, Formula and Significance Trade Receivables Turnover Ratio: Meaning, Formula, Significance and Illustration Trade Payable Turnover Ratio: Meaning, Formula, Significance and Examples Working Capital Turnover Ratio: Meaning, Formula, Significance and Examples Profitability Ratio or Income Ratio: Meaning, Formula and Significance Overall Profitability Ratio: Meaning, Formula, Significance, and Examples Gross Profit Ratio: Meaning, Formula, Significance and Examples Operating Ratio | Formula and Examples Operating Profit Ratio: Meaning, Formula, Significance and Examples Net Profit Ratio Return on Investment (ROI): Meaning, Formula, Significance and Illustrations Ratio Analysis Formula Chapter 6: Cash Flow Statement What is a Cash Flow Statement? Cash Flow Statement: Objectives, Importance and Limitations Classification of Business Activities in Cash Flow: Operating, Investing and Financing Activities Cash Flow from Operating Activities Treatment of Special Items in Cash Flow Statement Treatment of Special Items in Cash Flow Statement-II Examples of Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Flow from Financing Activities Cash Flow Statement: Two Examples PART – B (COMPUTERISED ACCOUNTING SYSTEM) Chapter 1: Overview of Computerised Accounting System Sourcing of Accounting Software Computerised Accounting System Computerized Accounting System – Meaning, Features, Advantages and Disadvantages Difference between Manual and Computerised Accounting Difference between Management Information System (MIS) and Accounting Information System (AIS) Evolution and Features of Computerised Accounting Computer and its Components Computer System in Accounting Chapter 2: Accounting Application of Electronic Spreadsheet Concept of Electronic Spreadsheet Features offered by Electronic Spreadsheet Application in generating accounting information: Bank Reconciliation Statement, Asset Accounting, Loan Repayment of Loan Schedule, and Ratio Analysis Data Representation: Graphs, Charts, and Diagrams Chapter 3: Using Computerised Accounting System Steps in the installation of CAS, codification and Hierarchy of account heads, creation of accounts Data: Entry, Validation and Verification Adjusting Entries, Preparation of Balance Sheet, Profit and Loss Account with Opening and Closing Entries Need and Security features of the system CBSE Class 12 Previous Year Papers (2020) CBSE Class 12 Accountancy Solved Question Paper (Paper Code: 67/1/1, 2020) CBSE Class 12 Accountancy Solved Question Paper (Paper Code: 67/1/2, 2020) CBSE Class 12 Accountancy Solved Question Paper (Paper Code: 67/1/3, 2020) CBSE Class 12 Accountancy Solved Question (Paper-67/2/1-2020) CBSE Class 12 Accountancy Solved Question Paper-67/2/2 CBSE Class 12 Accountancy Solved Question Paper (Paper Code: 67/2/3, 2020) CBSE Class 12 Accountancy Solved Question Paper (67/4/1, 2020) Accounting for Non-for-Profit Organization (Not in Current CBSE Syllabus for 2024-2025) Not-for-Profit Organisations- Features and Financial Statements Difference Between Not for Profit Organisation and Profit Earning Organisation Income and Expenditure Account of a Not for Profit Organisation Difference between Receipt and Payment Account And Income and Expenditure Account Balance Sheet for Not for Profit Organisation Accounting Treatment of Subscriptions and Expenses Accounting Treatment of Consumable Items: Stationery and Sports Material Accounting Treatment: Admission or Entrance Fees, Donation and Legacies, Grants from Government, Sale of Fixed Assets, Life Membership Fees Fund based Accounting Receipt and Payment Account for Not for Profit Organisation  Income & Expenditure Account: Accounting Treatment Balance Sheet for Not for Profit Organisation Practical Questions on Balance sheet for Not for Profit Organisation Practical Questions on Receipt & Payment Account Like Article Suggest 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