ISC Class 11 Accounts Syllabus
ISC Class 11 Accounts Syllabus
Accounting is an interesting and a highly specialised subject to study. Accounting makes you skilled in keeping track of the daily flow of money in and out of business and keeping an eye on the balance, which can be applied to many industries. Students may refer to ISC Class 11 Accounts syllabus while studying and preparing for their examination.
The ISC Class 11 Accounts syllabus is prepared as per ISC guidelines. The chapters included in the syllabus will help the students better understand the basics of account subjects in a better way. They will find every concept they will be learning in the subject, in addition to a detailed ISC class 11 Accounts syllabus on Extramarks.
Students may register on Extramarks to access ISC class 11 Accounts syllabus and ISC books for class 11 any time they need them. In addition to the syllabus, students may also refer to ICSE sample question papers, solutions, ICSE revision notes, and ICSE important questions for the Accounts subject. Students may also study and compare the ISC & ICSE syllabus on Extramarks.
ISC Class 11 Accounts Syllabus 2023-24 – Semester (1 & 2)
The ISC Class 11 Accounts syllabus is divided into two semesters. The chapters are mentioned in the table below.
| Chapter | Topic |
| 1 | Basic Accounting Concepts |
| 2 | Ledger, Journal and Trial Balance |
| 3 | Bank Reconciliation Statement |
| 4 | Depreciation, Provisions and Reserves |
| 5 | Bills of Exchange |
| 6 | Concept of Trading and Final Accounts, Profit and Loss account and Balance Sheet, Marshalling of Balance Sheet |
| 7 | Accounts of incomplete records |
| 8 | Non-Trading Organisation |
| 9 | Rectification of Errors |
| 10 | Establishment of Computers usage in Accounting |
Students may click on the respective chapters of the ISC Class 11 Accounts syllabus in the table above to access the study materials. Extramarks offers various study materials such as ICSE solutions, sample question papers, revision notes, important questions and more. Students may register on the website to refer to these study materials.
A detailed ISC Class 11 Accounts syllabus of the semesters combined is as below.
- Basic Accounting Concepts
- Introduction of accountancy and accounting: Understanding and knowledge of International Financial Reporting Standards(IFRS);
- Generally Accepted Accounting Principles(GAAP)
- Basic terms used in accounting, Accounting Standards and Accounting equations.
- Ledger, Journal and Trial Balance
(i) Journal: journal entry recording (with narration).
(ii) Ledger: Transferring recorded business events from journal to respective ledgers.
(iii) Journal subdivisions
- Cashbook (including simple cash book and double column cash book)
- Petty cash book (including analytical, simple and imprest system)
- Sales daybook, purchases daybook, sales return daybook;
- Purchases return daybook, bills payable book, bills receivable book and proper journal.
(iv) Trial balance
- Bank Reconciliation Statement
(i) interpretation and need for a reconciliation statement of the bank.
(ii) Preparation of a reconciliation statement of the bank from the given cash book balance or passbook balance, or both.
(iii) Preparation of a reconciliation statement of the bank from the cash extract book as well as the passbook in relation to the same month.
(iv) Making of a bank reconciliation statement
and an amended cash book from the provided cash book balance
(v) Making of a bank reconciliation statement and an amended cash book from the extract of the passbook and cash book in relation to the same month.
- Depreciation, Provisions and Reserves
(i) Depreciation
(ii) Procedure of charging depreciation (Straight Line as well as Written Down Value method).
(iii) Problems relating to sales and purchase of assets, application incorporation of depreciation under the two provided procedures.
- Bills of Exchange
(i) Background to Negotiable Instruments: description of basic terms.
(ii) Practical problems related to above in the books of drawer and drawee, endorsee and bank.
- Concept of Trading and Final Accounts, Profit and Loss account and Balance Sheet (with and without adjustments), Marshalling of Balance Sheet
(i) Capital and revenue income/expenditure
(ii) Reserves and Provision.
(iii) Profit and Loss, Trading Balance Sheet and Account of a sole trader, (Horizontal Format) with no adjustments.
(iv) Making of Profit and Loss Account, Trading Account, and Balance Sheet with useful adjustments.
(v) Marshalling of a Balance Sheet: Order of liquidity and Order of performance.
- Accounts of incomplete records
(i) Single entry as well as dissimilarity with double entry.
(ii) Ascertainment of profit/loss with the help of statement of affairs procedure with the application.
(iii) Making a double entry from a single entry.
- Non-Trading Organisation
(i) Non-trading organisation: objectives, meaning, necessity and treatment of specific things.
(ii) Different books which are maintained and dissimilarity among them.
(iii) Method of preparation of Expenditure and Income Account as well as Closing Balance Sheet.
- Rectification of Errors
Errors and types of errors: errors of commission; errors of omission; errors of principle, and compensating errors.
- Establishment of Computers usage in Accounting
(i) Background of Computerised Accounting System
- Parts of CAS, Features, Account Grouping
- Limitations and advantages of CAS, Accounting Information System.
(ii) Application of computers in Accounting (Theory only)
- Accounting process Automation
- Accounting reports designing(MIS reports)
- Chart of accounts – Income/ Assets/capital/ expenses/ liabilities/ supplier masters and customer
- Kinds of transaction: bank, cash, purchase, sale, journal vouchers;
- General ledger/trial balance, balance sheet, data exchange profit and loss, and other information systems.
(iii) Comparison of manual and computerised accounting.
Students may log in to Extramarks to get updates on ISC Class 11 Accounts syllabus for the current academic year.
ISC Class 11 Accounts Syllabus Paper Pattern
The ISC Class 11 Accounts syllabus paper pattern is 100 marks, which is divided between two papers, Paper I and Paper II.
- Paper I: Theory with 80 marks
- Paper II: project work with 20 marks.
Paper I: Students will write an Accounts paper of 3 hours duration which comprises 80 marks divided into two parts:
- Part I (20 marks) is compulsory, which comprises short answer questions, testing knowledge, application and skills relating to fundamental/elementary aspects of the whole syllabus.
- In part II (60 marks), students are required to answer five questions out of eight from this section. Each question carries 12 marks.
Paper II: The project work comprises 20 marks. The student will have to prepare a project on one topic, which is covered in theory.
ISC Accounts Class 11 Syllabus
There is one paper of 3 hours duration of 80 marks divided into two parts. Part I (20 marks) is compulsory and consists of short answer questions, testing knowledge, application and skills relating to elementary/ fundamental aspects of the entire syllabus.
In Part II (60 marks), you are required to answer five questions out of eight from this section. Each question carries 12 marks.
1. Introduction to Accounting
Background of accounting and accountancy; types of accounts; basic terms used in accounting, and Accounting Equation.
2. Journal, Ledger and Trial Balance
(i) Journal: recording of entries in journal with narration.
(ii) Ledger: posting from journal to respective ledgers.
(iii) Sub-division of journal – cash book [including simple cash book and triple column cash book (cash, bank and discount) with – contra entry pertaining to receipt of cheque not deposited on the same day; adjustments pertaining to a definite cash balance to be maintained / overdraft facility to be availed at the end of the month. Petty cash book (including analytical and imprest system), sales day book, purchases day book, sales return day book, purchases return day book and Journal proper.
(iv) Trial balance
3. Bank Reconciliation Statement
Bank reconciliation statement.
(i) Meaning and need for bank reconciliation statement.
(ii) Preparation of a bank reconciliation statement from the given cash book balance / overdraft or pass book balance / overdraft.
(iii) Preparation of a bank reconciliation statement from the extract of the cash book as well as the pass book relating to the same month. (Practical problem not required)
(iv) Preparation of an amended cash book and a bank reconciliation statement after adjusting the cash book balance from the given cash book balance.
4. Depreciation
Depreciation, Methods of charging depreciation, Method of recording depreciation.
5. Bills of Exchange
(i) Introduction to Negotiable Instruments: explanation of basic terms.
(ii) Practical problems on the above in the books of drawer, drawee and endorsee – Journal entries and Ledger accounts.
6. Accounting Concepts
GAAP (Generally Accepted Accounting Principles), Basis of Accounting; Accounting Standards; Knowledge and understanding of IFRS (International Financial Reporting Standards).
7. Final Accounts and Concept of Trading, Profit and Loss account and Balance Sheet (with and without adjustments), Marshalling of Balance Sheet
(i) Capital and revenue expenditure/income.
(ii) Provisions and Reserves.
(iii) Trading, Profit and Loss Account and Balance Sheet of a sole trader, (Horizontal Format) without adjustments.
(iv) Preparation of Trading Account, Profit and Loss Account and Balance Sheet with necessary adjustments.
(v) Marshalling of a Balance Sheet: Order of permanence and order of liquidity.
(vi) Adjusting, closing and transfer entries.
8. Rectification of Errors
Errors and types of errors: Rectification of errors after the preparation of trial balance and rectification of errors after the preparation of Final Accounts.
9. Accounts from incomplete records
(i) Single entry and difference with double entry.
(ii) Ascertainment of profit/loss by statement of affairs method including application.
10. Non-Trading Organisation
(i) Non-Trading Organization: meaning, objectives, necessity and treatment of specific items.
(ii) Different books maintained and differences between them.
(iii) Preparation of Income and Expenditure Account and Closing Balance Sheet.
11. Introduction to the use of Computers in Accounting
Introduction to Computerised Accounting System: Components of CAS, Features, Grouping of Accounts. Advantages and Limitations of CAS, Accounting Information System and Management Information System.
ISC Class 11 Subject-Wise Syllabus
FAQs (Frequently Asked Questions)
1. What will be the pattern of ISC Class 11 Accounts exam?
The exam will be of 100 marks for 3 hours duration, divided into two papers, Paper- I theory of 80 marks and Paper-II project work of 20 marks.
2. I want to score good marks in the ISC Class 11 Accounts exam. How should I prepare?
Your first step should be approaching the syllabus of class 11 Accounts and going through it thoroughly. Acquaintance with the subject will help you plan your schedule accordingly. Some chapters will require more time, and some will require less. Then, according to your strengths and weaknesses, you can efficiently plan a schedule for your exam preparation. The ISC Class 11 Accounts syllabus will help you set your goals for each chapter.
