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  Basic Accounting Terms Introduction: In this article, you will find simple and easy-to-understand explanations of the important basic accounting terms prescribed in the CBSE Class 11 Accountancy syllabus. Understanding these terms will help you grasp accounting concepts more effectively and prepare for your examinations with confidence. 👉 Download Theory Notes 👉 Download One Mark Notes 👉 Download Questions & Answers Notes 👉 Click Here to Watch YouTube Video (MCQs & Short Answer Questions) 👉 Click Here to Watch YouTube Video - CBSE Chapter 2 Basic Accounting Terms What You Will Learn: Introduction Book value Books of account Cost of goods sold Credit Debit Depreciation Entity Entry Insolvent Solvent Proprietor Financial statements or Final accounts Conclusion 1) Book Value: Book value is the value of an asset after deducting depreciation. Formula: Book Value = Cost − Depreciation Example: Cost of Machine = ₹2,00,000; Depreciation = ₹40,000 Book Value = Cost – D...

  Basic Accounting Terms Introduction: In this article, you will find simple and easy-to-understand explanations of the important basic accounting terms prescribed in the CBSE Class 11 Accountancy syllabus. Understanding these terms will help you grasp accounting concepts more effectively and prepare for your examinations with confidence. 👉 Download Theory Notes 👉 Download One Mark Notes 👉 Download Questions & Answers Notes 👉 Click Here to Watch YouTube Video (MCQs & Short Answer Questions) 👉 Click Here to Watch YouTube Video - CBSE Chapter 2 Basic Accounting Terms What You Will Learn: Introduction Trade receivables Trade payables Cost Voucher Discount Bad debts Balance sheet Conclusion 1) Trade Receivables Trade receivables are the amounts that a business has to receive from customers for goods sold or services provided on credit. Trade Receivables consist of: Debtors & Bills Receivable  Formula: Trade Receivables = Debtors + Bills Receivable Example:...

 Basic Accounting Terms Introduction: In this article, you will find simple and easy-to-understand explanations of the important basic accounting terms prescribed in the CBSE Class 11 Accountancy syllabus. Understanding these terms will help you grasp accounting concepts more effectively and prepare for your examinations with confidence. 👉 Download Theory Notes 👉 Download One Mark Notes 👉 Download Questions & Answers Notes 👉 Click Here to Watch YouTube Video (MCQs & Short Answer Questions) 👉 Click Here to Watch YouTube Video - CBSE Chapter 2 Basic Accounting Terms What You Will Learn: Introduction Income Profit Gain Loss Purchase Purchase return Sales Sales return Revenue from operations Goods Stock/Inventory Conclusion 1) Income: Income is the profit or earnings generated by a business during an accounting period. It is the excess of revenue over expenses. Income is a broader term than profit because it includes earnings from both operating and non-operating ac...

 Basic Accounting Terms Introduction: In this article, you will find simple and easy-to-understand explanations of the important basic accounting terms prescribed in the CBSE Class 11 Accountancy syllabus. Understanding these terms will help you grasp accounting concepts more effectively and prepare for your examinations with confidence. 👉 Download Theory Notes 👉 Download One Mark Notes 👉 Download Questions & Answers Notes 👉 Click Here to Watch YouTube Video (MCQs & Short Answer Questions) 👉 Click Here to Watch YouTube Video - CBSE Chapter 2 Basic Accounting Terms What You Will Learn: Introduction Assets Receipts Expenditure Expense Conclusion Assets: Assets are the valuable resources or properties owned by a business. They help the business carry out its activities and generate income.  Assets may be tangible (physical) or intangible (non-physical). Examples:  Land, Building, Machinery, Furniture, Stock, Debtors, Cash, Bank Balance, Goodwill, Trademar...

Basic Accounting Terms Introduction: In this article, you will find simple and easy-to-understand explanations of the important basic accounting terms prescribed in the CBSE Class 11 Accountancy syllabus. Understanding these terms will help you grasp accounting concepts more effectively and prepare for your examinations with confidence. 👉  Download Theory Notes 👉  Download One Mark Notes 👉 Download Questions & Answers Notes 👉 Click Here to Watch YouTube Video (MCQs & Short Answer Questions) 👉 Click Here to Watch YouTube Video - CBSE Chapter 2 Basic Accounting Terms What You Will Learn: Introduction Business Transactions Account Capital Drawings Liabilities Conclusion Business Transaction: A Business Transaction is a financial transaction or economic event between two parties that affects the financial position of a business and is recorded in the books of accounts. Characteristics of Business Transactions: It has a monetary value. It is supported by a...