Accounting is a term that deals with the process of recording financial transactions including analyzing and summarizing the transactions on certain entities. Accounting is the backbone of the businesses operating in the modern world. Thus, creating a huge demand for proper education and training in the subject to assist more businesses, the knowledge of accounting among the citizens of a country, help the nations to grow at an optimum pace economically. When an entrepreneur begins with a commercial establishment, the main focus turns on keeping a proper agenda and record for the daily financial proceedings.
Accounting is a practice that can be considered as an experience that is learning for any business in itself.
The primary objective of accounting is to provide insight into the significant results of management decisions. As one of the oldest professions, a degree in accountancy will certainly give you a wide variety of career options once you graduate in the future. This gives birth to the detailed education in accounting during school years to make the students familiar with the concepts therein.
Accountancy is the subject that dives deeper into the integral mechanism of the calculations done to determine any final transaction or financial record. It is an important subject taught in the schools which lets the students know the use of the knowledge of finance, mathematics, statistics, and economics for the benefit of any business or organization. This is the reason why there’s always a skilled accountant behind every successful company or business. Accountancy being introduced in schools during higher classes is the best way to make sure that every student who is planning to pursue their career in accounting gets the basic insights of the subject with a practical approach. Accounting is a highly specialized subject that specifically tracks the daily inflow and outflow of money in a business to keep a check on the balance and avoid any future challenges for the sustainability of any company.
In India, accountancy is introduced in Class 11 where students have an option to either go for it as their chosen stream or move on to other streams related to science or art. It is the initial step towards the basic understanding of the accounting concepts where students can learn that accounting is more than just numbers. Thus, the teacher is often required to mix theory with practice including the reasonable explanations and logic behind the concepts being taught. The entries made for any organization vary based on the nature and structure of a business. Study material like DK Goel Accountancy Class 11 provides a comprehensive insight into the book of original entry and its sub-part cash books with interesting explanations. This is the best resource for in-depth learning experiences and knowledge about the topic. Below are the important topics for class 11 and their respective importance and benefits.
- Books of original entry – A book of original entry is defined as an accounting record or periodical entries that are briefed and noted down in a general ledger. Business economic proceedings are kept there. The purpose of this topic is to let the students have a brief idea about the process with which the book of entry is used in commercial establishments. These books help in reducing calculative mistakes that might be a possibility in a particular ledger entry. Also, they contain accurate transactional narratives and clear history. Another reason for maintaining periodical entries is to provide authenticity and accuracy to business and its monetary transactions. Although they have a lot of benefits, the most significant one is that they can be utilized for subsequent credentials as they contain vital pieces of information. The most basic is that they prevent the ledger from becoming unorganized. Dk Goel Accountancy Class 11 Solutions Chapter 11 provides a detailed explanation of Books of original entries. This is beneficial for students to gain more knowledge and achieve better grades.
- Cash Book – Cash is a sub-concept of the book of original entry which is known as a transactional record. It consists of all the receipts of the monetary aspect. It also contains saving deposits and withdrawals. Going through this topic will help students understand the importance of different transactions such as inbound and outbound cash flows. This record will have monetary explanations including the details of remittances made to traders as well as additional payments made by the customers for the purchase of some goods and services. Many often confuse a cash book with a cash account usually while studying the topic. Thus, it is necessary to understand that the cash account and cash book are very different from each other. The cash account is included within the arena of the general ledger. On the other hand, a cash book is considered different.
If you are looking for some reliable resources to study this subject, Class 11 Accounts Solutions DK Goel will help the students of class 11 to understand all the topics to the core. This book will help you figure out the difference between the credit and debit sides. These two terms are the ones that are very vital in cash book records. Therefore, it is recommended to go through all the topics in the syllabus with ultimate focus and discipline. And having some extra notes from other study material is an advantage when it comes to Accountancy. The above-mentioned study material is specially designed for Class 11 Accountancy that helps the students to get familiar with the concepts while providing the highest quality of solution and detailed theoretical concepts.