Accountancy is the process of recording, classifying, summarizing and interpreting the financial transactions of a business. In class 11, students are introduced to the fundamental concepts of accountancy such as accounting equation, double-entry system of accounting, accounting standards, journal entries, ledger, trial balance, financial statements (profit and loss account and balance sheet), and depreciation.
In addition, students also learn about various types of business organizations such as sole proprietorship, partnership, and company, and the preparation of financial statements for each type of organization. They also learn about the different types of accounts, such as real, nominal, and personal accounts, and how to maintain them.
Overall, the study of accountancy in class 11 lays a strong foundation for students who wish to pursue a career in finance or accounting. It not only helps them understand the financial health of a business but also prepares them for the challenges of managing finances in the real world.