NCERT Solution for Class 11 Accountancy Chapter 1 -Introduction to Accounting

Chapter 1
Introduction to Accounting

Short Answer

   Define accounting.

   State what is end product of financial accounting?

   Enumerate main objectives of accounting.

   List any five users who have indirect interest in accounting.

   State the nature of accounting information required by long-term lenders.

   Who are the external users of information?

   Enumerate the informational needs of management.

   Give any three examples of revenues.

   Distinguish between debtors and creditors.

   '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 examples, explain each of the following accounting terms:

Fixed assets
Revenue
Expenses
Gain
Profit
Capital
Short-term liabilities

   Define revenues and expenses?

   What is the primary reason for business students and others to familiarise themselves with the accounting discipline?

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