NCERT Solutions for Class 11 Accounting Chapter 1 Introduction to Accounting

Accounting helps in keeping a record of the assets and liabilities of a business, thereby making it easier to balance the expenses and calculate the profit margin through all the financial transactions. The basic concepts of accounting are introduced in the syllabus of Class 11. Accounting is defined as the systematic process of identifying, recording, classifying, summarising, interpreting and communicating information about financial transactions to the users of the accounting information such as the owners, government, investors, creditors etc. Accountancy Chapter 1 – Introduction To Accounting furnishes us with an all-inclusive data to all the concepts.