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Accountancy

Basic Accounting Terms

In Class 11 Accountancy, this topic introduces the essential language used in accounting and helps students understand the meaning of common financial terms. Students learn to distinguish assets, liabilities, capital, drawings, revenue, expenses, purchases, sales, stock, debtors and creditors. They also explore how business transactions affect the accounting equation and why accurate classification of items is important before recording them in books of account. These concepts form a foundation for studying journal entries and preparing financial statements.

Medium · Level 1 · 1 questions

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