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Concept Maps

Accounting Equation — Concept Maps

ICSE · Class 11 · Accountancy

4 concept maps of Accounting Equation for ICSE Class 11 Accountancy, each also written out as a text outline. Maps: Accounting Equation – Complete Chapter.

44 questions41 flashcards3 formulas & key relations5 concepts

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4 Concept Maps

Accounting Equation – Complete Chapter Overview

Accounting Equation – Complete Chapter Overview

The map in words

  • Accounting Equation
    • Basic Formula
      • A equals L plus C
      • Assets own by business
      • Liabilities owed to outsiders
      • Capital owner investment
    • Derived Formulas
      • L equals A minus C
      • C equals A minus L
    • Usefulness
      • Foundation of accounting
      • Checks accuracy
      • Finds missing values
      • Tracks debits and credits
      • Basis for Balance Sheet
    • Effect of Transactions
      • Both sides increase
      • Both sides decrease
      • Only assets change
      • Profit increases Capital
      • Expense decreases Capital
      • Drawings decrease Capital
    • Classification of Accounts
      • Asset Accounts
        • Cash Goods Furniture
        • Debit increases
      • Liability Accounts
        • Creditors Bank Loan
        • Credit increases
      • Capital Account
        • Owner investment
        • Credit increases
      • Revenue Accounts
        • Sales Commission Received
        • Credit increases
      • Expense Accounts
        • Salary Rent Wages
        • Debit increases
    • Rules of Debit and Credit
      • Assets and Expenses
        • Debit to increase
        • Credit to decrease
      • Liabilities Capital Revenue
        • Credit to increase
        • Debit to decrease

Accounting Equation: Complete Concept Overview

Accounting Equation: Complete Concept Overview

The map in words

  • Accounting Equation
    • Meaning & Definition
      • Basic Formula A=L+C
      • Rearranged Forms
      • Core Principle
    • Components
      • Assets
        • What business owns
        • Cash, Goods, Furniture
      • Liabilities
        • What business owes
        • Creditors, Loans
      • Capital
        • Owner's investment
        • Net worth
    • Usefulness
      • Foundation for transactions
      • Maintains accuracy
      • Tracks debits-credits
      • Determines missing values
    • Effects of Transactions
      • Asset changes
      • Liability changes
      • Capital changes
      • Profit and Loss
    • Debit & Credit
      • Meaning of Debit
        • Left side recording
      • Meaning of Credit
        • Right side recording
    • Account Classification
      • Asset Accounts
        • Dr: Increase
        • Cr: Decrease
      • Liability Accounts
        • Dr: Decrease
        • Cr: Increase
      • Capital Accounts
        • Dr: Decrease
        • Cr: Increase
      • Revenue Accounts
        • Dr: Decrease
        • Cr: Increase
      • Expense Accounts
        • Dr: Increase
        • Cr: Decrease

Accounting Equation - Complete Overview

Accounting Equation - Complete Overview

The map in words

  • Accounting Equation
    • Assets
      • Current Assets
        • Cash
        • Debtors
        • Inventory
      • Fixed Assets
        • Building
        • Machinery
        • Furniture
    • Liabilities
      • Short-term
        • Creditors
        • Outstanding Salary
      • Long-term
        • Bank Loan
    • Capital
      • Owner Investment
      • Profits
      • Less Losses
      • Less Drawings
    • Rules of Debit Credit
      • Asset Accounts
        • Debit Increases
        • Credit Decreases
      • Liability Accounts
        • Debit Decreases
        • Credit Increases
      • Capital Accounts
        • Debit Decreases
        • Credit Increases
      • Expense Accounts
        • Debit Increases
      • Revenue Accounts
        • Credit Increases
    • Key Formula
      • Assets equals L plus C
      • Liabilities equals A minus C
      • Capital equals A minus L

Accounting Equation

Accounting Equation

The map in words

  • Accounting Equation
    • Meaning of Accounting Equation
    • Usefulness of Accounting Equation
    • Effect of Transactions on Accounting Equation
    • Meaning of an Account
    • Meaning of Debit and Credit
    • Classification of Accounts
    • Rules of Debit and Credit
    • Illustration 1

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Frequently Asked Questions

What are the important topics in Accounting Equation for ICSE Class 11 Accountancy?
Key topics in Accounting Equation include Meaning and Importance of the Accounting Equation, Effect of Transactions on the Accounting Equation, Meaning of Account, Debit, and Credit, Modern Classification of Accounts and Rules of Debit and Credit. Study these first, then practise questions on each for Class 11 exams.
What do the concept maps for Accounting Equation show?
The 4 maps show how the ideas in Accounting Equation connect: Accounting Equation – Complete Chapter Overview; Accounting Equation: Complete Concept Overview. Each map is also written out as an outline on this page.
How should I revise Accounting Equation for Class 11 exams?
Learn the core ideas first, then work through the 44 practice questions on Accounting Equation. 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.

More resources for Accounting Equation

All ICSE Class 11 Accountancy Concept Maps

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