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Syllabus

Financial Statements - I — Syllabus

CBSE · Class 11 · Accountancy

What Financial Statements - I covers in CBSE Class 11 Accountancy: 4 topics, for the 2026-27 session. Part of the CBSE Class 11 Accountancy syllabus.

154 questions80 flashcards3 formulas & key relations5 concepts

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4 Topics · CBSE Class 11 Accountancy · 2026-27

Topics in Financial Statements - I

1

1. Financial Statements and Stakeholders

  • A stakeholder is any person associated with the business.
  • Stakeholders may be internal or external, and their information needs are different.
  • The trial balance forms the basis for preparing financial statements.
2

2. Capital and Revenue Items

  • The distinction between capital and revenue items is important for preparing accounts correctly.
  • Revenue items form part of the Trading and Profit and Loss Account.
  • Capital items help in the preparation of the Balance Sheet.
3

3. Trading Account: Gross Profit and Cost of Goods Sold

  • The Trading Account determines gross profit or gross loss.
  • It deals with basic operational activities such as purchasing, manufacturing, and selling goods.
  • Direct expenses are expenses directly connected with purchase, production, and bringing goods to the point of sale.
4

4. Profit and Loss Account and Net Profit

  • The Profit and Loss Account determines net profit or net loss.
  • It starts with gross profit on the credit side.
  • Indirect expenses are shown on the debit side.

Key Concepts

Central concept: Financial Statements for a Sole Proprietary Business

Stakeholders and information needsCapital and revenue distinctionTrading and Profit and Loss AccountBalance SheetTrial BalanceClosing stock and opening stockGrouping and marshallingClosing entries and opening entry

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Frequently Asked Questions

What are the important topics in Financial Statements - I for CBSE Class 11 Accountancy?
Key topics in Financial Statements - I include Financial Statements and Stakeholders, Capital and Revenue Items, Trading Account: Gross Profit and Cost of Goods Sold, Profit and Loss Account and Net Profit. Study these first, then practise questions on each for Class 11 exams.
How should I revise Financial Statements - I for Class 11 exams?
Learn the core ideas first, then work through the 154 practice questions on Financial Statements - I. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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All CBSE Class 11 Accountancy Syllabus

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