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Chapters
2: Theory Base of Accounting
3: Recording of Transactions - I
4: Recording of Transactions - II
5: Bank Reconciliation Statement
6: Trial Balance and Rectification of Errors
7: Depreciation, Provisions and Reserves
8: Bill of Exchange
9: Financial Statements - I
10: Financial Statements - II
11: Accounts from Incomplete Records
12: Applications of Computers in Accounting
13: Computerised Accounting System
![NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 chapter 1 - Introduction to Accounting - Shaalaa.com](/images/accountancy-financial-accounting-1-english-class-11_6:77076d0f0c55428e9084e26e14da9242.jpg "NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 chapter 1 - Introduction to Accounting")
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Solutions for Chapter 1: Introduction to Accounting
Below listed, you can find solutions for Chapter 1 of CBSE NCERT for Accountancy - Financial Accounting 1 [English] Class 11.
NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 1 Introduction to Accounting Questions for practice [Pages 20 - 21]
Short Answer
Define accounting
State what is end product of financial accounting?
Enumerate main objectives of accounting
Who are the users of accounting information?
State the nature of accounting information required by long-term lenders
Who are the external users of information?
Enumerate informational needs of management
Give any three examples of revenues
Distinguish between debtors and creditors; Profit and Gain
‘Accounting information should be comparable’. Do you agree with this statement? Give two reasons
If the accounting information is not clearly presented, which of the qualitative characteristic of the accounting information is violated?
The role of accounting has changed over the period of time”- Do you agree? Explain
Giving example, explain the following accounting term:
Fixed assets
Giving example, explain the following accounting term:
Revenue
Giving example, explain the following accounting term:
Expenses
Giving example, explain the following accounting term:
Short-term liability
Giving example, explain the following accounting term:
Capital
Define revenues and expenses?
What is the primary reason for the business students and others to familiarise themselves with the accounting discipline?
NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 1 Introduction to Accounting Questions for practice [Page 21]
Long Answer
What is accounting? Define its objectives
Explain the factors which necessitated systematic accounting
Describe the informational needs of external users
What do you mean by an asset and what are different types of assets?
Explain the meaning of gain and profit. Distinguish between these two term
Explain the qualitative characteristics of accounting information
Describe the role of accounting in the modern world
Solutions for 1: Introduction to Accounting
NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 chapter 1 - Introduction to Accounting
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Concepts covered in Accountancy - Financial Accounting 1 [English] Class 11 chapter 1 Introduction to Accounting are Introduction to Accounting, Accounting as a Source of Information, Objectives of Accounting, Role of Accounting, Basic Terms in Accounting, Meaning of Accounting.
Using NCERT Accountancy - Financial Accounting 1 [English] Class 11 solutions Introduction to Accounting exercise by students is an easy way to prepare for the exams, as they involve solutions arranged chapter-wise and also page-wise. The questions involved in NCERT Solutions are essential questions that can be asked in the final exam. Maximum CBSE Accountancy - Financial Accounting 1 [English] Class 11 students prefer NCERT Textbook Solutions to score more in exams.
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