Course Details

Standard 11 CBSE 4 subjects Combo Pack

Accountancy, Statistics, Economics, Business Studies

Language

English

Videos

English

Inclusion

Q&A

Videos

Notes

Reference

Accountancy

The course in accountancy is introduced at plus two stage of senior second of school education, as the formal commerce education is provided after ten years of schooling. With the fast changing economic scenario, accounting as a source of financial information has carved out a place for itself at the senior secondary stage. Its syllabus content provide students a firm foundation in basic accounting concepts and methodology and also acquaint them with the changes taking place in the preparation and presentation of financial statements in accordance to the applicable accounting standards and the Companies Act 2013.

The course in accounting put emphasis on developing basic understanding about accounting as an information system. The emphasis in class Xi is placed on basic concepts and process of accounting leading to the preparation of accounts for a sole proprietorship firm. The students are also familiarized with basic calculations of Goods and Services Tax (GST) in recording the business transactions. The accounting treatment of GST is confined to the syllabus of class XI.

The increased role of ICT in all walks of life cannot be overemphasized and is becoming an integral part of business operations. The learners of accounting are introduced to Computerized Accounting System at class XI and XII. Computerized Accounting System is a compulsory component which is to be studied by all students of commerce in class XI; whereas in class XII it is offered as an optional subject to Company Accounts and Analysis of Financial Statements.

This course is developed to impart skills for designing need based accounting database for maintaining book of accounts.

The complete course of Accountancy at the senior secondary stage introduces the learners to the world of business and emphasize on strengthening the fundamentals of the subject.

Objectives:

1. To familiarize students with new and emerging areas in the preparation and presentation of financial statements.

2. To acquaint students with basic accounting concepts and accounting standards.

3. To develop the skills of designing need based accounting database.

4. To appreciate the role of ICT in business operations.

5. To develop an understanding about recording of business transactions and preparation of financial statements.

6. To enable students with accounting for Not-for-Profit organizations, accounting for Partnership Firms and company accounts.

COURSE STRUCTURE :

Unit Title Marks

Part A: Financial Accounting-1

Unit-1: Theoretical Framework 12

Unit-2: Accounting Process 44

Part B: Financial Accounting-II

Unit-3: Financial Statements of Sole 24

Proprietorship from Complete and Incomplete

Records

Part C : Project Work 20

What you will learn

PART A: FINANCIAL ACCOUNTING - I

Unit-1: Theoretical Frame Work

Introduction to Accounting:

Accounting- concept, objectives, advantages and limitations, types of accounting information; users of accounting information and their needs. Qualitative Characteristics of Accounting Information. Role of Accounting in Business.

Basic Accounting Terms- Business Transaction, Capital, Drawings. Liabilities (Non Current and Current). Assets (Non Current, Current); Fixed assets (Tangible and Intangible), Expenditure (Capital and Revenue), Expense, Income, Profit, Gain, Loss, Purchase, Sales, Goods, Stock, Debtor, Creditor, Voucher, Discount (Trade discount and Cash Discount)

Theory Base of Accounting

• Fundamental accounting assumptions: GAAP: Concept

• Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Dual Aspect, Revenue Recognition, Matching, Full Disclosure, Consistency, Conservatism, Materiality and Objectivity

• System of Accounting. Basis of Accounting: cash basis and accrual basis

• Accounting Standards: Applicability in IndAS

• Goods and Services Tax (GST): Characteristics and Objective.

Unit-2: Accounting Process

Recording of Business Transactions

• Voucher and Transactions: Source documents and Vouchers, reparation of Vouchers, Accounting Equation Approach: Meaning and Analysis, Rules of Debit and Credit.

• Recording of Transactions: Books of Original Entry- Journal

• Special Purpose books:

• Cash Book: Simple, cash book with bank column and petty cashbook

• Purchases book

• Sales book

• Purchases return book

• Sales return book

Note: Including trade discount, freight and cartage expenses for simple GST calculation.

• Ledger: Format, Posting from journal and subsidiary books, Balancing of accounts

Bank Reconciliation Statement:

• Need and preparation, Bank Reconciliation Statement with Adjusted Cash Book

Depreciation, Provisions and Reserves

• Depreciation: Concept, Features, Causes, factors

• Other similar terms: Depletion and Amortisation

• Methods of Depreciation:

(i) Straight Line Method (SLM)

(ii) Written Down Value Method (WDV)

Note: Excluding change of method

• Difference between SLM and WDV; Advantages of SLM and WDV

• Accounting treatment of depreciation

i. Charging to asset account

ii. Creating provision for depreciation/accumulated depreciation account

iii. Treatment for disposal of asset

• Provisions and Reserves: Difference

• Types of Reserves:

i. Revenue reserve

ii. Capital reserve

iii. General reserve

iv. Specific reserve

v. Secret reserve

Accounting for Bills of Exchange

• Bill of exchange and Promissory Note: Definition, Specimen, Features, Parties.

• Difference between Bill of Exchange and Promissory Note

• Terms in Bill of Exchange:

(i) Term of Bill

(ii) Accommodation bill (concept)

(iii) Days of Grace

(iv) Date of maturity

(v) Discounting of bill

(vi) Endorsement of bill

(vii) Bill after due date

(viii) Negotiation

(ix) Bill sent for collection

(x) Dishonour of bill

(xi) Retirement of bill

(xii) Renewal of bill

• Accounting Treatment

Note: excluding accounting treatment for accommodation bill

• Trial balance and Rectification of Errors Trial balance: objectives and preparation (Scope: Trial balance with balance method only)

• Errors: types-errors of omission, commission, principles, and compensating; their effect on Trial Balance.

• Detection and rectification of errors; preparation of suspense account.

Unit 3: Financial Statements of Sole Proprietorship

Financial Statements

Meaning, objectives and importance; Revenue and Capital Receipts; Revenue and Capital Expenditure; Deferred Revenue expenditure.

Trading and Profit and Loss Account: Gross Profit, Operating profit and Net profit. Preparation.

Balance Sheet: need, grouping and marshalling of assets and liabilities. Preparation.

Adjustments in preparation of financial statements with respect to closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provision for doubtful debts, provision for discount on debtors, Abnormal loss, Goods taken for personal use/staff welfare, interest on capital and managers commission.

Preparation of Trading and Profit and Loss account and Balance Sheet of a sole proprietorship with adjustments.

Incomplete Records

Features, reasons and limitations.

Ascertainment of Profit/Loss by Statement of Affairs method.

Difference between accounts from incomplete records and Statement of Affairs. Preparation of Trading, Profit and Loss account and Balance Sheet.

Learning Outcomes :

• state the meaning of financial statements the

• purpose of preparing financial statements.

• state the meaning of gross profit, operating profit and net profit and develop the skill of preparing trading and profit and loss account.

• explain the need for preparing balance sheet.

• understand the technique of grouping and marshalling of assets and liabilities.

• appreciate that there may be certain items other than those shown in trial balance which may need adjustments while preparing financial statements.

• develop the understanding and skill to do adjustments for items and their presentation in financial statements like depreciation, closing stock, provisions, abnormal loss etc.

• develop the skill of preparation of trading and profit and loss account and balance sheet.

• state the meaning of incomplete records and their uses and limitations.

• develop the understanding and skill of computation of profit / loss using the statement of affairs method.

Statistics

the learners are expected to acquire skills in collection, organisation and presentation of quantitative and qualitative information pertaining to various simple economic aspects systematically. It also intends to provide some basic statistical tools to analyse, and interpret any economic information and draw appropriate inferences. In this process, the learners are also expected to understand the behaviour of various economic data.

What you will learn

Collection of Data

Origin and Growth of Statistics, Quantitative and Qualitative Data, Primary and secondary Data, Methods of Collecting Primary Data, Direct Inquiry, Indirect Inquiry, Method of Questionnaire, Characteristics of an Ideal Questionnaire, Questionnaire by Post, Questionnaire by Enumerators, Secondary Data, Sources of Secondary Data, Precautions while using Secondary Data.

PresClassification, Types of classification, Classification of quantitative data, Discrete frequency distribution, Continuous frequency distribution, Cumulative frequency distribution, Points for preparing continuous frequency distribution, Classification of qualitative data, Simple classification, Manifold classification Tabulation-types and uses, Guiding rules for tabulation, Diagrams: Importance and limitations of diagrams in statistics, Types of diagrams, One dimensional diagram, Bar diagram, Multiple bar diagram, Simple divided bar diagram, Percentage divided bar diagrams, Two dimensional diagrams, Circle diagrams, Pie diagrams, Pictorial diagrams.

entation of Data

Measures of Central Tendency

Characteristics of good measure of central tendency, Arithmetic Mean or Mean, Combined mean and Weighted mean, Geometric mean Meaning, Measures of positional averages: Median, Quartiles, Deciles, Percentiles, Mode, Graphical Method, Comparative study of mean, median and mode.

Measures of Dispersion

Meaning and characteristics of dispersion, Concept of absolute and relative measures of dispersion, Measures of dispersion: Absolute and Relative Measures, Range, Quartile Deviation, Average Deviation, Standard Deviation, Combined Standard Deviation

Skewness of Frequency Distribution

Meaning of Skewness, Types of Skewness, Concept of Absolute and Relative Measures of Skewness, Methods of obtaining Measures of Skewness and Coefficients of Skewness, Karl Pearson’s Method, Bowley’s Method, Comparison of two methods of Coefficient of Skewness

Permutations, Combinations and Binomial Expansion

Permutation : Meaning, Combination : Meaning, Binomial Expansion : Meaning and Characteristics

Sampling Methods

Population and Sample: Meaning, Population inquiry and sample inquiry, Need for Sampling, Characteristics of an Ideal sample, Points to be considered while determining the sample size, Sampling Methods, Simple Random Sampling, Stratified Random Sampling, Systematic Sampling

Function

Definition, Domain, co-domain, Range, Notations of functions, Types of function, One - one function, Many - one function, Constant function, Equal functions, Real function

Geometric Progression

Meaning, Formula for obtaining n th term, Meaning of series, Three consecutive terms

Economics

Economics is one of the social sciences, which has great influence on every human being. As economic life and the economy go through changes, the need to ground education in children’s own experience becomes essential. While doing so, it is imperative to provide them opportunities to acquire analytical skills to observe and understand the economic realities.

At senior secondary stage, the learners are in a position to understand abstract ideas, exercise the power of thinking and to develop their own perception. It is at this stage, the learners are exposed to the rigour of the discipline of economics in a systematic way.

The economics courses are introduced in such a way that in the initial stage, the learners are introduced to the economic realities that the nation is facing today along with some basic statistical tools to understand these broader economic realities. In the later stage, the learners are introduced to economics as a theory of abstraction.

The economics courses also contain many projects and activities. These will provide opportunities for the learners to explore various economic issues both from their day-to-day life and also from issues, which are broader and invisible in nature. The academic skills that they learn in these courses would help to develop the projects and activities. The syllabus is also expected to provide opportunities to use information and communication technologies to facilitate their learning process.

Objectives:

• Understanding of some basic economic concepts and development of economic reasoning which the learners can apply in their day-to-day life as citizens, workers and consumers.

• Realisation of learners’ role in nation building and sensitivity to the economic issues that the nation is facing today.

• Equipment with basic tools of economics and statistics to analyse economic issues. This is pertinent for even those who may not pursue this course beyond senior secondary stage.

• Development of understanding that there can be more than one view on any economic issue and necessary skills to argue logically with reasoning.

COURSE STRUCTURE :

Units Title Marks

Part A: Statistics for Economics

1. Introduction

2. Collection, Organisation and Presentation of Data 15

3. Statistical Tools and Interpretation 25

Part B: Introductory Microeconomics

4. Introduction 04

5. Consumer's Equilibrium and Demand 14

6. Producer Behaviour and Supply 14

Forms of Market and Price Determination under 08

perfect competition with simple applications

What you will learn

Part A: Statistics for Economics

In this course, the learners are expected to acquire skills in collection, organisation and presentation of quantitative and qualitative information pertaining to various simple economic aspects systematically. It also intends to provide some basic statistical tools

to analyse, and interpret any economic information and draw appropriate inferences. In this process, the learners are also expected to understand the behaviour of various economic data.

Unit 1: Introduction

What is Economics?

Meaning, scope, functions and importance of statistics in Economics

Unit 2: Collection, Organisation and Presentation of data

Collection of data - sources of data - primary and secondary; how basic data is collected, with concepts of Sampling; Sampling and Non-Sampling errors; methods of collecting data; some important sources of secondary data: Census of India and National Sample Survey Organisation.

Organisation of Data: Meaning and types of variables; Frequency Distribution.

Presentation of Data: Tabular Presentation and Diagrammatic Presentation of Data: (i) Geometric forms (bar diagrams and pie diagrams), (ii) Frequency diagrams (histogram, polygon and ogive) and (iii) Arithmetic line graphs (time series graph).

Unit 3: Statistical Tools and Interpretation

(For all the numerical problems and solutions, the appropriate economic interpretation may be attempted. This means, the students need to solve the problems and provide interpretation for the results derived.)

Measures of Central Tendency- mean (simple and weighted), median and mode

Measures of Dispersion - absolute dispersion (range, quartile deviation, mean deviation and standard deviation); relative dispersion (co-efficient of range, co-efficient of quartile-deviation, co-efficient of mean deviation, co-efficient of variation); Lorenz Curve: Meaning, construction and its application.

Correlation – meaning and properties, scatter diagram; Measures of correlation – Karl Pearson's method (two variables ungrouped data) Spearman's rank correlation.

Introduction to Index Numbers - meaning, types - wholesale price index, consumer price index and index of industrial production, uses of index numbers; Inflation and index numbers.

Part B: Introductory Microeconomics

Unit 4: Introduction

Meaning of microeconomics and macroeconomics; positive and normative economics What is an economy? Central problems of an economy: what, how and for whom to produce; concepts of production possibility frontier and opportunity cost.

Unit 5: Consumer's Equilibrium and Demand

Consumer's equilibrium - meaning of utility, marginal utility, law of diminishing marginal utility, conditions of consumer's equilibrium using marginal utility analysis.

Indifference curve analysis of consumer's equilibrium-the consumer's budget (budget set and budget line), preferences of the consumer (indifference curve, indifference map) and conditions of consumer's equilibrium.

Demand, market demand, determinants of demand, demand schedule, demand curve and its slope, movement along and shifts in the demand curve; price elasticity of demand - factors affecting price elasticity of demand; measurement of price elasticity of demand – percentage-change method and total expenditure method.

Unit 6: Producer Behaviour and Supply

Meaning of Production Function – Short-Run and Long-Run

Total Product, Average Product and Marginal Product.

Returns to a Factor

Cost: Short run costs - total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationships.

Revenue - total, average and marginal revenue - meaning and their relationship.

Producer's equilibrium-meaning and its conditions in terms of marginal revenue marginal cost.

Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in supply curve, price elasticity of supply; measurement of price elasticity of supply - percentage-change method.

Unit 7: Forms of Market and Price Determination under Perfect Competition with simple applications

Perfect competition - Features; Determination of market equilibrium and effects of shifts in demand and supply.

Other Market Forms - monopoly, monopolistic competition, oligopoly - their meaning and features.

Simple Applications of Demand and Supply: Price ceiling, price floor.

Business Studies

The courses in Business Studies and Accountancy are introduced at + 2 stage of Senior Secondary Education as formal commerce education is provided after first ten years of schooling. Therefore, it becomes necessary that instructions in these subjects are given in such a manner that students have a good understanding of the principles and practices bearing in business (trade and industry) as well as their relationship with the society.

Business is a dynamic process that brings together technology, natural resources and human initiative in a constantly changing global environment. To understand the framework in which a business operates, a detailed study of the organisation and management of business processes and its interaction with the environment is required.

Globalisation has changed the way organizations transact their business.

Information Technology is becoming a part of business operations in more and more organisations. Computerised systems are fast replacing other systems. E-business and other related concepts are picking up fast which need to be emphasized in the curriculum.

The course in Business Studies prepares students to analyse, manage, evaluate and respond to changes which affect business. It provides a way of looking at and interacting with the business environment. It recognizes the fact that business influences and is influenced by social, political, legal and economic forces.

Objectives:

• To inculcate business attitude and develop skills among students to pursue higher education, world of work including self employment.

• To develop students with an understanding of the processes of business and its environment;

• To acquaint students with the dynamic nature and inter-dependent aspects of business;

• To develop an interest in the theory and practice of business, trade and industry;

• To familiarize students with theoretical foundations of the process of organizing and managing the operations of a business firm;

• To help students appreciate the economic and social significance of business activity and the social cost and benefits arising there from;

• To acquaint students with the practice of managing the operations and resources of business;

• To enable students to act more effectively and responsibly as consumers, employers, employees and citizens;

COURSE STRUCTURE :

Units Title Marks

Part – A: Foundations of Business

Unit 1: Nature and Purpose of Business 16

Unit 2: Forms of Business Organisations

Unit 3: Public, Private and Global Enterprises 14

Unit 4: Business Services

Unit 5: Emerging Modes of Business

Unit 6: Social Responsibility of Business and 10

Business Ethics

Part B : Finance and Trade

Unit 7: Sources of Business Finance 20

Unit 8: Small Business

Unit 9: Internal Trade 20

Unit 10: International Business

What you will learn

Part A: Foundation of Business

Concept includes meaning and features

Unit 1: Evolution and Fundamentals of Business

• History of Trade and Commerce in India: Indigenous Banking System, Rise of Intermediaries, Transport, Trading Communities: Merchant Corporations, Major Trade Centres, Major Imports and Exports, Position of Indian Sub-Continent in the World Economy.

• Business – meaning and characteristics

• Business, profession and employment- Concept

• Objectives of business

• Classification of business activities - Industry and Commerce

• Industry-types: primary, secondary, tertiary Meaning and subgroups

• Commerce-trade: (types-internal, external; wholesale and retail) and auxiliaries to trade; (banking, insurance, transportation, warehousing, communication, and advertising) – meaning

• Business risk-Concept

Unit 2: Forms of Business organizations :

• Sole Proprietorship-Concept, merits and limitations.

• Partnership-Concept, types, merits and limitation of partnership, registration of a partnership firm, partnership deed. Types of partners.

• Hindu Undivided Family Business: Concept

• Cooperative Societies-Concept, merits, and limitations.

• Company - Concept, merits and limitations; Types: Private, Public and One Person Company – Concept

• Formation of company - stages, important documents to be used in formation of a company.

• Choice of form of business organization

Unit 3: Public, Private and Multinational Company

• Public sector and private sector enterprises – Concept

• Forms of public sector enterprises: Departmental Undertakings, Statutory Corporations and Government Company.

• Global Enterprises – Feature. Public private partnership – concept

Unit 4: Business Services

• Business services – meaning and types. Banking: Types of bank accounts - savings, current, recurring, fixed deposit and multiple option deposit account.

• Banking services with particular reference to Bank Draft, Bank Overdraft, Cash credit. E-Banking meaning, Types of digital payments.

• Insurance – Principles. Types – life, health, fire and marine insurance – concept.

• Postal Service - Mail, Registered Post, Parcel, Speed Post, Courier - meaning.

Unit 5: Emerging Modes of Business

• E - business: concept, scope and benefits.

Unit 6: Social Responsibility of Business and Business Ethics

• Concept of social responsibility

• Case of social responsibility

• Responsibility towards owners, investors, consumers, employees, government and community.

• Role of business in environment protection.

• Business Ethics - Concept and Elements

Part B: Finance and Trade

Unit 7: Sources of Business Finance

• Concept of business finance

• Owners’ funds- equity shares, preferences share, retained earnings, Global Depository receipt (GDR), American Depository Receipt (ADR) and International Depository Receipt (IDR) – concept.

• Borrowed funds: debentures and bonds, loan from financial institution and commercial banks, public deposits, trade credit, Inter Corporate Deposits (ICD).

Unit 8: Small Business and Enterprises

• Entrepreneurship Development (ED): Concept, Characteristics and Need. Process of Entrepreneurship Development: Start-up India Scheme, ways to fund start-up. Intellectual Property Rights and Entrepreneurship

• Small scale enterprise as defined by MSMED Act 2006 (Micro, Small and Medium Enterprise Development Act)

• Role of small business in India with special reference to rural areas

• Government schemes and agencies for small scale industries: National Small Industries Corporation (NSIC) and District Industrial Centre (DIC) with special reference to rural, backward areas.

Unit 9: Internal Trade

• Internal trade - meaning and types services rendered by a wholesaler and a retailer

• Types of retail-trade-Itinerant and small scale fixed shops retailers

• Large scale retailers-Departmental stores, chain stores – concept

• GST (Goods and Services Tax): Concept and key-features

Unit 10: International Trade

• International trade: concept and benefits

• Export trade – Meaning and procedure

• Import Trade - Meaning and procedure

• Documents involved in International Trade; indent, letter of credit, shipping order, shipping bills, mate’s receipt (DA/DP)

• World Trade Organization (WTO) meaning and objectives.