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Concept Maps

Basic Accounting Terms — Concept Maps

ICSE · Class 11 · Accountancy

4 concept maps of Basic Accounting Terms for ICSE Class 11 Accountancy, each also written out as a text outline.

108 questions40 flashcards2 formulas & key relations5 concepts

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4 Concept Maps

Flowchart showing how transactions and business activities lead to events that change financial position

Flowchart showing how transactions and business activities lead to events that change financial position

The map in words

  • Business Activity
    • Is it a Transaction?
      • Yes: Exchange between two or more parties
        • Results in Event
          • Change in Financial Position
            • Can be measured in Money
      • No: Other Business Activity

Mind map showing the key characteristics and components of a transaction in accounting

Mind map showing the key characteristics and components of a transaction in accounting

The map in words

  • Transactions
    • Economic Activity
      • Exchange of Value
      • Between Two Parties
    • Must Be Measurable
      • In Monetary Terms
      • Quantifiable Amount
    • Results in Change
      • Assets Change
      • Liabilities Change
      • Capital Changes
    • Examples
      • Cash Purchase
      • Credit Purchase
      • Service Provided

State diagram showing the four types of transactions and their flow to completion

State diagram showing the four types of transactions and their flow to completion

The map in words

  • Transaction → Cash (Immediate Payment)
  • Transaction → Credit (Deferred Payment)
  • Transaction → Barter (Goods for Goods)
  • Transaction → Paper (Accounting Entry)
  • Cash → Complete
  • Credit → Complete
  • Barter → Complete
  • Paper → Complete

Basic Accounting Terms

Basic Accounting Terms

The map in words

  • Basic Accounting Terms
    • Event
    • Transaction
    • Vouchers
    • Capital
    • Assets
    • Liabilities
    • Trade Debtors
    • Trade Creditors

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Frequently Asked Questions

What are the important topics in Basic Accounting Terms for ICSE Class 11 Accountancy?
Key topics in Basic Accounting Terms include Core Accounting Terms, Types of Transactions and Vouchers, Assets and Liabilities, Debtors, Creditors, and Bills. Study these first, then practise questions on each for Class 11 exams.
What do the concept maps for Basic Accounting Terms show?
The 4 maps show how the ideas in Basic Accounting Terms connect: Flowchart showing how transactions and business activities lead to events that change financial position; Mind map showing the key characteristics and components of a transaction in accounting. Each map is also written out as an outline on this page.
How should I revise Basic Accounting Terms for Class 11 exams?
Learn the core ideas first, then work through the 108 practice questions on Basic Accounting Terms. 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 Basic Accounting Terms

All ICSE Class 11 Accountancy Concept Maps

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