ISC Accounts Class 11 Syllabus 2023-24

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.