NCERT Solutions Class 11 Accountancy Chapter 1 Introduction Of Accounting – Here are all the NCERT solutions for Class 11 Accountancy Chapter 1. This solution contains questions, answers, images, explanations of the complete chapter 1 titled Introduction Of Accounting of Accountancy taught in Class 11. If you are a student of Class 11 who is using NCERT Textbook to study Accountancy, then you must come across chapter 1 Introduction Of Accounting. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete NCERT Solutions for Class 11 Accountancy Chapter 1 Introduction Of Accounting in one place.
NCERT Solutions Class 11 Accountancy Chapter 1 Introduction Of Accounting
Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Accountancy for Class 11 so that you can refer them as and when required. The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions.
For a better understanding of this chapter, you should also see summary of Chapter 1 Introduction Of Accounting , Accountancy, Class 11.
| Class | 11 |
| Subject | Accountancy |
| Book | Financial Accounting Part 1 |
| Chapter Number | 1 |
| Chapter Name |
Introduction Of Accounting |
NCERT Solutions Class 11 Accountancy chapter 1 Introduction Of Accounting
Class 11, Accountancy chapter 1, Introduction Of Accounting solutions are given below in PDF format. You can view them online or download PDF file for future use.
Introduction Of Accounting Download
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Question & Answer
Q.1: Define accounting.
Ans : Accounting is the art of recording, classifying, summarising and communicating financial information to users for correct decision making.
Q.2: State the end product of financial accounting.
Ans : The end product of financial accounting are Trading account, Profit and loss account and Balance sheet.
Q.3: Enumerate main objectives of accounting.
Ans : The main objectives of accounting are:
- To keep a systematic record of all business transactions.
- To determine the profit earned or loss incurred during an accounting period by preparing profit and loss account.
- To ascertain the financial position of the business at the end of each accounting period by preparing balance sheet.
- To assist management for decision making, effective control, forecasting, etc.
- To assess the progress and growth of business from year to year.
- To detect and prevent errors and frauds.
- To communicate information to various users
Q.4: Who are the users of accounting information.
Ans : The five users who have indirect interest in accounting are:
- Trade associations
- Labour unions
- Customers
- Lenders and Financial Institutions
- Tax authorities
Q.5: State the nature of accounting information required by long-term lenders.
Ans : Long term lenders are interested in repaying capacity of the business, profitability, liquidity, operational efficiency, potential growth of business.
NCERT / CBSE Book for Class 11 Accountancy
You can download the NCERT Book for Class 11 Accountancy in PDF format for free. Otherwise you can also buy it easily online.
- Click here for NCERT Book for Class 11 Accountancy
- Click here to buy NCERT Book for Class 11 Accountancy
All NCERT Solutions Class 11
- NCERT Solutions for Class 11 Accountancy
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- NCERT Solutions for Class 11 Chemistry
- NCERT Solutions for Class 11 Maths
- NCERT Solutions for Class 11 Economics
- NCERT Solutions for Class 11 History
- NCERT Solutions for Class 11 Geography
- NCERT Solutions for Class 11 Political Science
- NCERT Solutions for Class 11 Sociology
- NCERT Solutions for Class 11 Psychology
- NCERT Solutions for Class 11 English
- NCERT Solutions for Class 11 Hindi
- NCERT Solutions for Class 11 Physics
- NCERT Solutions for Class 11 Business Studies
- NCERT Solutions for Class 11 Statistics
All NCERT Solutions
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