NCERT Solutions For Class 11 Financial Accounting – Trial Balance and Rectification of Errors Short Answer Type Questions Q1. State the meaning of a Trial Balance. Solution: Trial balance is a statement prepared to check the arithmetical accuracy of transactions recorded in the journal, posted into the ledger and balanced in the ledger accounts. The balance of…
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NCERT Solutions For Class 11 Financial Accounting – Bank Reconciliation Statement Short Answer Type Questions Q1. State the need for the preparation of bank reconciliation statement? Solution: The need and importance of the bank reconciliation statement are as follows: It ensures accuracy of the balances and records shown by the pass book and cash…
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NCERT Solutions For Class 11 Financial Accounting – Recording of Transactions-II Short Answer Type Questions Q1. Briefly state how the cash book is both journal and a ledger? Answer : Transactions are recorded directly from source documents in the Cash Book, so there is no need to record transactions in the Journal book. Further, on…
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NCERT Solutions For Class 11 Financial Accounting – Recording of Transactions-I Short Answer Type Questions Q1. State the three fundamental steps in the accounting process. Answer : The fundamental steps in the accounting process are diagrammatically presented below. Q2. Why is the evidence provided by source documents important to accounting? Answer : The evidence provided…
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NCERT Solutions For Class 11 Financial Accounting – Theory Base of Accounting Short Answer Type Questions Q1. Why is it necessary for accountants to assume that business entity will remain a going concern? Answer : Going Concern Concept assumes that the business entity will continue its operation for an indefinite period of time. It is…
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NCERT Solutions For Class 11 Financial Accounting – Introduction to Accounting Short Answer Type Questions Q1. Define accounting. Answer: Accounting is a process of identifying the events of financial nature, recording them in Journal, classifying in their respective ledgers, summarising them in Profit and Loss Account and Balance Sheet and communicating the results to the…
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NCERT Solutions for Class 11 Accountancy NCERT Solutions for Class 11 Accountancy NCERT Solutions for Class 11 Accountancy Part 1 NCERT Solutions for Class 11 Accountancy Part 1 Financial Accounting Chapter 1 Introduction to Accounting Chapter 2 Theory Base of Accounting Chapter 3 Recording of Transactions – I Chapter 4 Recording of Transactions – II Chapter…
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