{"id":9778,"date":"2018-02-14T09:58:54","date_gmt":"2018-02-14T04:28:54","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=9778"},"modified":"2018-03-17T11:27:36","modified_gmt":"2018-03-17T05:57:36","slug":"theory-base-accounting-class-11-notes-accountancy","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/theory-base-accounting-class-11-notes-accountancy\/","title":{"rendered":"Theory Base of Accounting  class 11 Notes Accountancy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/theory-base-accounting-class-11-notes-accountancy\/#CBSE_Guide_Theory_Base_of_Accounting_class_11_Notes\" >CBSE Guide Theory Base of Accounting class 11 Notes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/theory-base-accounting-class-11-notes-accountancy\/#Theory_Base_of_Accounting_class_11_Notes_Accountancy\" >Theory Base of Accounting class 11 Notes Accountancy<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/theory-base-accounting-class-11-notes-accountancy\/#Download_Revision_Notes_as_PDF\" >Download Revision Notes as PDF<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/theory-base-accounting-class-11-notes-accountancy\/#Theory_Base_of_Accounting_class_11_Notes\" >Theory Base of Accounting class 11 Notes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mycbseguide.com\/blog\/theory-base-accounting-class-11-notes-accountancy\/#CBSE_Class-11_Revision_Notes_and_Key_Points\" >CBSE Class-11 Revision Notes and Key Points<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>CBSE Accountancy Chapter 2 Theory Base of Accounting class 11 Notes Accountancy in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides Theory Base of Accounting class 11 Notes Accountancy latest chapter wise notes for quick preparation of CBSE exams and school based annual examinations. Class 11 Accountancy notes on Chapter 2 Theory Base of Accounting class 11 Notes Accountancy are also available for download in CBSE Guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Guide_Theory_Base_of_Accounting_class_11_Notes\"><\/span><strong>CBSE Guide Theory Base of Accounting class 11 Notes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CBSE guide notes are the comprehensive notes which covers the latest syllabus of CBSE and NCERT. It includes all the topics given in NCERT class 11 Accountancy text book. Users can download CBSE guide quick revision notes from myCBSEguide mobile app and my CBSE guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Theory_Base_of_Accounting_class_11_Notes_Accountancy\"><\/span><strong>Theory Base of Accounting class 11 Notes Accountancy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Download CBSE class 11th revision notes for Chapter 2 Theory Base of Accounting class 11 Notes Accountancy in PDF format for free. Download revision notes for Theory Base of Accounting class 11 Notes Accountancy and score high in exams. These are the Theory Base of Accounting class 11 Notes Accountancy prepared by team of expert teachers. The revision notes help you revise the whole chapter in minutes. Revising notes in exam days is on of the best tips recommended by teachers during exam days.<\/p>\n<h1 style=\"text-align: center\"><span class=\"ez-toc-section\" id=\"Download_Revision_Notes_as_PDF\"><\/span><strong><a href=\"https:\/\/mycbseguide.com\/downloads\/cbse-class-11-accountancy\/1411\/cbse-revision-notes\/7\/\">Download Revision Notes as PDF<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p style=\"text-align: center\"><strong>CHAPTER 2<\/strong><\/p>\n<p style=\"text-align: center\"><strong>Theory Base of Accounting class 11 Notes Accountancy<\/strong><\/p>\n<p style=\"text-align: center\"><strong>LEARNING OBJECTIVES<\/strong><\/p>\n<p>After studying this chapter, students will be able to:<\/p>\n<p>\u00b7Describe the meaning of Accounting Assumptions and Accounting Principles.<\/p>\n<p>\u00b7Explain the Accounting Standard and IFRS along with their objectives.<\/p>\n<p>\u00b7Describe the Bases of Accounting.<\/p>\n<p>\u00b7Distinguish between Cash\u00a0 Basis\u00a0 of\u00a0 Accounting\u00a0 and\u00a0 Accrual\u00a0 Basis\u00a0 of Accounting<\/p>\n<p>Main objective of accounting is to provide appropriate, useful and reliable information about the financial performance of the business to its various users to enable them in judicious decision-making. This objective can be achieved only when accounting records are maintained on the basis of uniform rules and principles.<\/p>\n<p>Accounting principles, concepts and conventions are known as Generally Accepted Accounting Principles (GAAP). These principles are the base of Accounting. Generally Accepted Accounting Principles (GAAP) refers to the rules or guidelines adopted for recording and reporting of business transactions, in order to bring uniformity and consistency in the preparation and the presentation of financial statements.<\/p>\n<p>These principles have evolved over a long period of time on the basis of experiences of the accountants, customs, legal decisions etc., and which are generally accepted by the accounting professionals.<\/p>\n<p><strong>FUNDAMENTAL ACCOUNTING ASSUMPTIONS<\/strong><\/p>\n<p><strong>1. Going Concern Assumption:<\/strong> This concept assumes that an enterprise has an indefinite life or existence. It is assumed that the business has neither intention to liquidate nor to scale down its operations significantly.<\/p>\n<p><strong>Relevance:<\/strong><\/p>\n<p>(a) Distinction is made between capital expenditure and revenue expenditure.<\/p>\n<p>(b) Classification of assets and liabilities into current and non-current.<\/p>\n<p>(c)Depreciation is charged on fixed assets and fixed assets appear in the Balance Sheet at book value, without having reference to their market value.<\/p>\n<p><strong>2. Consistency Assumption:<\/strong> According to this assumption, accounting practices once selected and adopted, should be applied consistently year after year. This will ensure a meaningful study of the performance of the business for a number of years.<\/p>\n<p>Consistency assumption does not mean that particular practices, once adopted, cannot be changed. The only requirement is that when a change is desirable, it should be fully disclosed in the financial statements along with its effect on income statement and Balance Sheet.<\/p>\n<p>Any accounting practice may be changed if the law or Accounting standard requires so, to make the financial information more meaningful and transparent.<\/p>\n<p><strong>Relevance:<\/strong> It\u00a0 helps\u00a0 the\u00a0 management\u00a0 in\u00a0 decision-making\u00a0 by\u00a0 utilizing\u00a0 the comparable financial information.<\/p>\n<p><strong>3. Accrual Assumption:<\/strong> Accrual concept applies equally to revenue and expenses. As per this assumption, all revenue and costs are recognized when they are earned or incurred.<\/p>\n<p>It is immaterial, whether the cash is received or paid at the time of transaction or later date e.g., if a credit sale (Credit for two months) for Rs. 15,000 is made on 15th Feb. 2015, then the revenue earned is to be recorded on 15th Feb. 2015, not on the date of cash realized, i.e., after two months. In case of Expenses, if at the end of the year the two months\u2019 salary is due but not paid, then the expenses of salary will be recorded in the current year in which salary is due, not in the next year in which it will be paid.<\/p>\n<p><strong>Relevance:<\/strong> Earning of a revenue and consumption of a resource (expenses) can be accurately matched to a particular accounting period.<\/p>\n<p><strong>ACCOUNTING PRINCIPLES<\/strong><\/p>\n<p><strong>1. Accounting Entity:<\/strong> An entity has a separate existence from its owner. According to this principle, business is treated as an entity, which is separate and distinct from its owner. Therefore transactions are recorded; analyzed and financial statements are prepared from the business point of view and not of the owner.<\/p>\n<p>The owner is treated as a creditor (Internal liability) for his investment in the business, as if the firm has borrowed from its owner instead of the outside parties. Interest on capital is treated as expense like any other business expense. His private expenses are treated as drawings leadings to reduction in capital.<\/p>\n<p><strong>2.Money Measurement Principle:<\/strong> According to this principle, only those transactions that are measured in money or can be expressed in term of money are recorded in the books of accounts of the enterprises. Non- monetary events like death of any employee\/Manager, strikes, disputes etc., are not recorded at all, even though these also affect the business operations significantly.<\/p>\n<p><strong>Limitations:<\/strong><\/p>\n<p>1. It ignores qualitative aspect e.g., efficient human resources (Assets), satisfied customers (Assets) and dishonest employee (liabilities).<\/p>\n<p>2. Value of money (currency) is not stable.<\/p>\n<p>To make accounting records simple, relevant, understandable and homogeneous, facts are expressed in a common unit of measurement- money. ,<\/p>\n<p><strong>3.Accounting Period Principle:<\/strong> According to this principle, the whole indefinite life of an enterprise is divided into parts, known as accounting period.<\/p>\n<p>Accounting period is defined as interval of time, at the end of which the profit and loss account and balance sheet are prepared, so that the performance is measured at regular intervals and decision can be taken at the appropriate time. Accounting period is usually a period of one year and that year may be financial year or calendar year.<\/p>\n<p><strong>Relevance:<\/strong><\/p>\n<p>1. This Assumption requires showing the allocation of expenses between Capital and Revenue.<\/p>\n<p>2.Portion of Capital Expenditure that is consumed during the current year is charged to Income statement and rest of the portion i.e., Unconsumed portion is shown as an asset in the Balance Sheet.<\/p>\n<p>3. As per income tax law, tax on income is calculated on annual basis from 1st April to 31st March (Financial Year)<\/p>\n<p>4. Timely action for corrective measures can be taken by the Management.<\/p>\n<p><strong>4. Full Disclosure Principle:<\/strong> According to this principle, apart from legal requirements all significant and material information relating to the economic affairs of the entity should be completely disclosed in its financial statements and accompanying notes to accounts.<\/p>\n<p>The financial statements should act as means of conveying and not concealing the information. Disclosure of information will result in better understanding and the parties may be able to take sound decisions on the basis of the information provided.<\/p>\n<p>E.g., footnotes such as :<\/p>\n<p>1.Contingent liabilities in respect to a claim of a very big amount against the business are pending in a Court of Law.<\/p>\n<p>2.Change in the method of providing depreciation.<\/p>\n<p>3.Market value of investment.<\/p>\n<p><strong>5. Materiality Principle:<\/strong> Disclosure of all material facts is compulsory but it does not imply that even those figures which are irrelevant are to be included in financial statements. According to this principle, only those items or information should be disclosed that have material effect and relevant to the users. So, item having an insignificant effect or being irrelevant to user need not be disclosed separately, these may be merged with other item.<\/p>\n<p>If the knowledge of any information may affect the user\u2019s decision, it is termed as material information.<\/p>\n<p>It should be noted that an item material for one enterprise may not be material for another enterprise, e.g., an item of expenses Rs. 50,000 is immaterial for an enterprise having turnover of Rs. 100 crore.<\/p>\n<p><strong>6. Prudence Principle:<\/strong> According to this principle, profit in anticipation should not be recorded but loss in anticipation should immediately be recorded. The objective of this principle is not to overstate the profit of the enterprise in any case. When different equally acceptable alternative methods are available, the method which having least favorable immediate effect on profit should be adopted, e.g.,<\/p>\n<p>(1)\u00a0 Valuation of stock at cost or realizable values, whichever is lower.<\/p>\n<p>(2)\u00a0 Provision for doubtful debts and provision for discount on debtors is made.<\/p>\n<p><strong>7. Cost Principle:<\/strong> According to this Principle, an asset is recorded in the books of accounts at its original cost comprising cost of acquisition and all expenditure incurred for making the assets ready to use.<\/p>\n<p>This cost becomes the basis of all subsequent accounting transactions for the asset, since the acquisition cost relates to the past, it is referred to as Historical cost. Example: Machinery purchased for Rs. 1,50,000 in cash and Rs. 20,000 was spent on installation of machine then Rs. 1,70,000 be recorded as cost of machine in the books and depreciation will be charged on this cost. If market value of machine due to inflation has gone up to Rs. 2,00,000 then the increased value will not be recorded. This cost is systematically reduced from year after year by charging depreciation and the assets are shown in the balance sheet at book value (cost \u2013 depreciation).<\/p>\n<p><strong>8. Matching Principle:<\/strong> According to this principle, all expenses incurred by any enterprises during an accounting period are matched with the revenue recognized during the same period.<\/p>\n<p>The matching principle facilitates to ascertain the amount of profit or loss incurred in a particular period by deducting the related expenses from the revenue recognized that period.<\/p>\n<p>The following treatment of expenses and revenue are done due to matching principle:<\/p>\n<p>(1)\u00a0 \u00a0Ascertainment of Prepaid Expenses!<\/p>\n<p>(2)\u00a0 \u00a0Ascertainment of Income received in advance.<\/p>\n<p>(3)\u00a0 \u00a0Accounting of closing stock.<\/p>\n<p>(4)\u00a0 \u00a0Depreciation charged on fixed assets.<\/p>\n<p><strong>9. Dual Aspect Principle:<\/strong> According to this principle, every business transaction has two aspects-a debit and a credit of equal amount. In other words, for every debit there is a credit of equal amount in one or more accounts and vice-versa.<\/p>\n<p>The system of recording transaction based on this principle is called as \u201cDouble<\/p>\n<p>Entry System\u201d.<\/p>\n<p>Due to this principle, the two sides of Balance Sheet are always equal and the following accounting equation will always hold good at any point of time.<\/p>\n<p>Assets = Liabilities + Capital<\/p>\n<p>Example : Ram started business with cash Rs. 1,00,000. It increases cash in assets side and capital in liabilities- side by Rs. 1,00,000.<\/p>\n<p>Assets Rs. 1,00,000 = Liabilities + Capital Rs. 1,00,000<\/p>\n<p><strong>BASES OF ACCOUNTING<\/strong><\/p>\n<p>There are two bases of ascertaining profit or loss, namely 1 Cash Basis, and (2) Accrual Basis.<\/p>\n<p><strong>1. Cash Basis of Accounting :<\/strong> Under this system of accounting transactions are recorded in the books of accounts only on the receipt\/ payment of cash. The income is calculated as the excess of actual cash receipts (in respect of sale of goods, service, properties etc.) over actual cash payments (regarding purchase of goods, expenses, rent, electricity, salaries etc.)<\/p>\n<p>Entry\u00a0 is\u00a0 not\u00a0 recorded\u00a0 when\u00a0 a\u00a0 payment\u00a0 or\u00a0 receipt\u00a0 merely\u00a0 due\u00a0 i.e., outstanding expenses, Accrued income are not treated. This method is contrary to the matching principle.<\/p>\n<p><strong>2. Accrual Basis of Accounting:<\/strong> Under this system of accounting, revenue and expenses are recorded when they are recognized i.e., Income is recorded as Income when it is accrued (when transaction takes place) irrespective of fact whether cash is received or not. Similarly, expenses are recorded when they are incurred or become due and not when the cash is paid for them.<\/p>\n<p>Under this system, expenses such as outstanding expenses, prepaid expenses, accrued income and received in advance are identified and taken into account.<\/p>\n<p>Under the companies\u2019 amendments Act 2013, all companies are required to maintain their accounts according to accrual basis of accounting.<\/p>\n<p><strong>\u00a0<\/strong><strong>Difference between accrual basis of accounting<\/strong><\/p>\n<p><strong>and cash basis of accounting<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td><strong><em>Basis<\/em><\/strong><\/td>\n<td><strong><em>Accrual Basis of Accounting\u00a0 \u00a0<\/em><\/strong><\/td>\n<td><strong><em>Cash Basis of Accounting<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td>1. Recording of transactions<\/td>\n<td>Both\u00a0 cash\u00a0 and\u00a0 credit transactions are recorded<\/td>\n<td>Only cash transactions are recorded.<\/td>\n<\/tr>\n<tr>\n<td>2. Profit or Loss<\/td>\n<td>Profit or Loss is ascertained correctly due to complete record of transactions.<\/td>\n<td>Correct profit\/loss is not ascertained\u00a0 because it\u00a0 records only\u00a0 c a s h transactions<\/td>\n<\/tr>\n<tr>\n<td>3.\u00a0 \u00a0\u00a0Distinction between Capital and Revenue<\/td>\n<td>This method makes a distinction between capital and revenue items.<\/td>\n<td>This method does not make a distinction between capital and revenue nature items.<\/td>\n<\/tr>\n<tr>\n<td>4. Legal position<\/td>\n<td>This basis is recognized under the companies Act<\/td>\n<td>This basis is not recognized under the companies Act.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>ACCOUNTING STANDARDS : CONCEPT AND OBJECTIONS<\/strong><\/p>\n<p>The accounting principles or GAAP in the form of concepts and conventions have been developed to bring comparability and uniformity in the financial statements. But GAAP also allow a large number of alternative treatments for the same item. Different organizations may adopt different accounting policies for the same transaction or an organization may follow different accounting policies for the same item over different accounting periods. As a result, the financial statements become inconsistence and incomparable.<\/p>\n<p>So it was felt that certain minimum standards should be universally applicable, so that the accounting statements have the qualitative characteristics of reliability, relevance, understandability and comparability.<\/p>\n<p>International Accounting Standard Committee (IASC) was set up in 1973. (Now renamed as International financial\u00a0 Reporting\u00a0 Committee\u00a0 IFRC). The Institute of Chartered Accountants of India (ICAI) and the Institute of Cost and Works Accountants of India (ICWAI) are members of this committee. ICAI set up the Accounting Standard Board (ASB) in 1977 to identify the areas in which uniformity in accounting required. ASB prepares and submits a draft accounting standard to the Council of ICAI. The Council of ICAI issues the draft for the comments to the Govt., industry and professionals etc. After due consideration on comments received, the Council of ICAI notifies it for its use in financial statements.<\/p>\n<p><strong>Concept of Accounting Standards<\/strong><\/p>\n<p><strong>Accounting standards\u00a0 are\u00a0 written\u00a0 statements, issued\u00a0 from\u00a0 time-to-time by\u00a0 institutions\u00a0 of\u00a0 accounting\u00a0 professionals, specifying\u00a0 uniform\u00a0 rules\u00a0 or practices for drawing the financial statements.<\/strong><\/p>\n<p><strong>Objectives of Accounting Standards<\/strong><\/p>\n<p><strong>1.Accounting standards are required to bring uniformity<\/strong> in accounting practices and policies by proposing standard treatment in preparation of financial statements.<\/p>\n<p><strong>2.To improve reliability of the financial statement:<\/strong> Accounts prepared by using accounting standards are reliable for various users, because these standards create a sense of confidence among the users.<\/p>\n<p><strong>3.To prevent frauds and manipulation<\/strong> by codifying the accounting methods and practices.<\/p>\n<p><strong>4.To Help Auditors<\/strong>: Accounting standards provide uniformity in accounting practices, so it helps auditors to audit the books of accounts.<\/p>\n<p><strong>IFRS International Financial Reporting Standards<\/strong><\/p>\n<p>This term refers to the financial standard issued by International Accounting standards Board (IASB). It is the process of improving the financial reporting internationally to help participants in the various capital markets of the world and Other Users.<\/p>\n<p><strong>IFRS Based financial Statements<\/strong><\/p>\n<p>Following financial statements are produced under IFRS:<\/p>\n<p><strong>1. Statement of financial position: The elements of this statement are<\/strong><\/p>\n<p><strong>\u00a0(a) Assets (b) \u00a0Liability (c) \u00a0Equity<\/strong><\/p>\n<p><strong>2.Comprehensive Income statement: The elements of this statement are<\/strong><\/p>\n<p><strong>(a) Revenue (b) \u00a0Expense<\/strong><\/p>\n<p><strong>3. Statement of changes in Equity<\/strong><\/p>\n<p><strong>4. Statement of Cash flow<\/strong><\/p>\n<p><strong>5. Notes and significant accounting policies<\/strong><\/p>\n<p><strong>Main difference between IFRS and IAS (Indian Accounting Standards)<\/strong><\/p>\n<p><strong>1.<\/strong> IFRS are principle based while IAS are rule based.<\/p>\n<p><strong>2.<\/strong> IFRS are based on Fair Value while IAS are based on Historical Cost.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Theory_Base_of_Accounting_class_11_Notes\"><\/span>Theory Base of Accounting class 11 Notes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>CBSE Revision notes (PDF Download) Free<\/li>\n<li>CBSE Revision notes for Class 11 Accountancy PDF<\/li>\n<li>CBSE Revision notes Class 11 Accountancy \u2013 CBSE<\/li>\n<li>CBSE Revisions notes and Key Points Class 11 Accountancy<\/li>\n<li>Summary of the NCERT books all chapters in Accountancy class 11<\/li>\n<li>Short notes for CBSE class 11th Accountancy<\/li>\n<li>Key notes and chapter summary of Accountancy class 11<\/li>\n<li>Quick revision notes for CBSE exams<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Class-11_Revision_Notes_and_Key_Points\"><\/span><strong>CBSE Class-11 Revision Notes and Key Points<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Theory Base of Accounting class 11 Notes Accountancy. CBSE quick revision note for class-11 Mathematics, Physics, Chemistry, Biology and other subject are very helpful to revise the whole syllabus during exam days. The revision notes covers all important formulas and concepts given in the chapter. Even if you wish to have an overview of a chapter, quick revision notes are here to do if for you. These notes will certainly save your time during stressful exam days.<\/p>\n<ul>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-physics\/1340\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Physics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-chemistry\/1356\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Chemistry<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-mathematics\/1371\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Mathematics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-biology\/1388\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Biology<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-accountancy\/1411\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Accountancy<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-economics\/1423\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Economics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-business-studies\/1740\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Business Studies<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-computer-science\/1852\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Computer Science<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-informatics-practices\/1874\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Informatics Practices<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-11-geography\/1864\/cbse-revision-notes\/7\/\">Revision Notes for class-11 Geography<\/a><\/li>\n<\/ul>\n<p>To download Theory Base of Accounting class 11 Notes, sample paper for class 11 Chemistry, Physics, Biology, History, Political Science, Economics, Geography, Computer Science, Home Science, Accountancy, Business Studies and Home Science; do check myCBSEguide app or website. myCBSEguide provides sample papers with solution, test papers for chapter-wise practice, NCERT solutions, NCERT Exemplar solutions, quick revision notes for ready reference, CBSE guess papers and CBSE important question papers. Sample Paper all are made available through\u00a0<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\"><strong>the best app for CBSE students<\/strong><\/a>\u00a0and myCBSEguide website.<\/p>\n<ul>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/introduction-accounting-class-11-notes-accountancy\/\">Introduction to Accounting class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/theory-base-accounting-class-11-notes-accountancy\/\">Theory Base of Accounting class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/recording-transactions-class-11-notes-accountancy\/\">Recording of Transactions-I class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/recording-transactions-ii-class-11-notes-accountancy\/\">Recording of Transactions-II class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/bank-reconciliation-statement-class-11-notes-accountancy\/\">Bank Reconciliation Statement class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/trial-balance-rectification-errors-class-11-notes-accountancy\/\">Trial Balance and Rectification of Errors class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/depreciation-provisions-reserves-class-11-notes-accountancy\/\">Depreciation, Provisions and Reserves class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/bill-exchange-class-11-notes-accountancy\/\">Bill of Exchange class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/financial-statements-class-11-notes-accountancy\/\">Financial Statements \u2013 I class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/financial-statements-ii-class-11-notes-accountancy\/\">Financial Statements \u2013 II class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/accounts-incomplete-records-class-11-notes-accountancy\/\">Accounts from Incomplete Records class 11 Notes Accountancy<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/applications-computers-accounting-class-11-notes-accountancy\/\">Computerized Accounting System class 11 Notes Accountancy<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CBSE Accountancy Chapter 2 Theory Base of Accounting class 11 Notes Accountancy in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides Theory Base of Accounting class 11 Notes Accountancy latest chapter wise notes for quick preparation of CBSE exams and school based annual examinations. Class &#8230; <a title=\"Theory Base of Accounting  class 11 Notes Accountancy\" class=\"read-more\" href=\"https:\/\/mycbseguide.com\/blog\/theory-base-accounting-class-11-notes-accountancy\/\" aria-label=\"More on Theory Base of Accounting  class 11 Notes Accountancy\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":9774,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47,456],"tags":[620,457,150,426,240,703],"class_list":["post-9778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbse-class-11","category-revision-notes","tag-accountancy-notes","tag-cbse-notes","tag-cbse-notes-and-key-points","tag-quick-revision","tag-quick-revision-notes","tag-theory-base-of-accounting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Theory Base of Accounting class 11 Notes Accountancy | myCBSEguide<\/title>\n<meta name=\"description\" content=\"Theory Base of Accounting class 11 Notes Accountancy Chapter 2 PDF format for free download. 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