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Syllabus

Basic Accounting Terms — Syllabus

ICSE · Class 11 · Accountancy

What Basic Accounting Terms covers in ICSE Class 11 Accountancy: 4 topics, for the 2026-27 session. Part of the ICSE Class 11 Accountancy syllabus.

108 questions40 flashcards2 formulas & key relations5 concepts

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4 Topics · ICSE Class 11 Accountancy · 2026-27

Topics in Basic Accounting Terms

1

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.
2

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.
3

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.
4

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.

Key Concepts

Central concept: Basic Accounting Terms

EventTransactionVouchersCapitalAssetsLiabilitiesTrade DebtorsTrade 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.
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.

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All ICSE Class 11 Accountancy Syllabus

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