TS Grewal Class 11 Accountancy Solutions Chapter 1 makes sure you must know it from the roots, only then you can track your business’ finances in forms like debits, credit, payroll, profitability, tax, etc.
You can learn the basics of Accounting in Chapter 1 – Accountancy Terms from TS Grewal Class 11 Accountancy Solutions. With the help of subject matter experts, students are provided with easy to comprehend study material in the TS Grewal Class 11 Accountancy Solutions.
- Read More: TS Grewal Class 11 Solutions
Download Free PDF: TS Grewal Class 11 Accountancy Solutions Chapter 1 – Accountancy Terms
TS Grewal Class 11 Accountancy Solutions Chapter 1 – Accountancy Terms
Details of TS Grewal Class 11 Accountancy Solutions Chapter 1 – Accountancy Terms
Students should know the following things about Accounting:
- Helps in understanding our finances.
- Helps to keep track of incomes and expenditures.
- It quantifies financial information which helps in taking business decisions.
Because of this students need to know more about Accounting and TS Grewal Class 11 Accountancy Solutions will help you with that. Chapter 1 in TS Grewal discusses the following points, mentioned below:
- Defining accounting and explaining its functions like classifying individual accounts, what to record, and recording in the journal of book entry. TS Grewal teaches the students how each of these functions is carried out.
- It explains the main objectives of accounting. This constitutes collecting information about profits and losses during a specific accounting period.
- Understanding the advantage of Accounting in making a business decision is important for the students. TS Grewal Class 11 Accountancy Solutions teaches the students about that and also introduces them to the concept of the balance sheet, and how does it help in providing the financial status of a business.
- Apart from the advantages, TS Grewal Class 11 Accountancy Solutions also teaches the students about the limitations of accounting. They will get to know how business can manipulate their accounting information and present a favorable picture.
- The basic accounting terms are also taught to the students by TS Grewal Class 11 Accountancy Solutions. This includes definitions of the following terms:
- Bookkeeping
- Assets
- Types of assets
- Liabilities
- Expenditure along with its classifications
- Receipts
- Bill receivable and payable
- Capital, etc.
- The basics of the double-entry system of bookkeeping are taught by TS Grewal Class 11 Accountancy Solutions to the Class 11th students.
For further queries regarding the CBSE TS Grewal Class 11 Accountancy Solutions Chapter 1 – Accountancy Terms, you can ask it in the comments.
FAQs: TS Grewal Class 11 Accountancy Solutions Chapter 1 – Accountancy Terms
How can you define a Ledger?
A Ledger is the primary and the chief journal of accounting of a business entity or an organization. It has complete information about the financial transaction of a business entity or an organization for a given time.
Explain a balance sheet.
The financial statements prepared during the maintenance of accounts of a business entity or an organization is a Balance Sheet.
What are the basic accounting terms?
The basic accounting terms are:
Bookkeeping
Assets
Types of assets
Liabilities
Expenditure along with its classifications
Receipts
Bill receivable and payable
Capital, etc.
Describe the main objective of Accounting.
The main objective of Accounting constitutes collecting information about profits and losses during a specific accounting period.
Mention the main functions of Accountancy.
The main functions of Accountancy include classifying individual accounts, what to record, and recording in the journal of book entry