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Revision Notes

Basic Accounting Terms

ICSE · Class 11 · Accountancy

Quick revision notes for Basic Accounting Terms — ICSE Class 11 Accountancy. Key concepts, formulas, and definitions for last-minute revision.

108 questions40 flashcards5 concepts

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Key Topics to Revise

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1. Core Accounting Terms

  • An event is anything that brings about a change in the financial position of a business. An event is the result of a transaction.
  • A transaction is a kind of event involving some value between two or more persons.
  • A voucher is documentary evidence in support of a transaction.
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2. Types of Transactions and Vouchers

  • Cash transactions involve cash in the exchange.
  • Credit transactions do not involve immediate payment; settlement is postponed.
  • Credit transactions are also known as non-cash transactions.
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3. Assets and Liabilities

  • Assets are anything that enable the business to get cash or benefit in future.
  • Assets may be fixed, current, liquid, wasting, or fictitious or nominal.
  • Fixed assets are held for permanent use in the business for producing goods or services and are not meant for sale.
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4. Debtors, Creditors, and Bills

  • Trade debtors are persons to whom goods are sold or services rendered on credit and who still owe money to the business.
  • Amount due from debtors and bills receivable jointly are termed Trade Receivables or Accounts Receivable.
  • Bills receivable are bills of exchange drawn on debtors or received by endorsement from them.

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Full Notes

Key Concepts

An event is anything that bringsA transaction is a kindA voucher is documentary evidenceCapital means the amount invested byAssets are the material things

Frequently Asked Questions

What are the important topics in Basic Accounting Terms for ICSE Class 11 Accountancy?
Key topics in Basic Accounting Terms include 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, State diagram showing the four types of transactions and their flow to completion. These are the concepts ICSE Class 11 examiners draw on most — study them first, then practise related questions.
How to score full marks in Basic Accounting Terms — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 108 practice questions available for this chapter. Revise formulas and 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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