ICSE Class 11 Syllabus for Accountancy

ICSE Class 11 Accountancy Syllabus Latest 2025-2026

The ICSE Class 11 Accountancy syllabus covers the fundamental principles of accounting, including financial statements, accounting standards, and various financial transactions. It provides a comprehensive introduction to the concepts and practices involved in accounting. Here’s a detailed breakdown of the syllabus:

**1. Introduction to Accounting

• Definition and Scope:
  • What is accounting? Definition, objectives, and importance of accounting in business.
  • Users of accounting information and their needs.
• Basic Concepts:
  • Fundamental principles and concepts (e.g., going concern, consistency, accrual, matching).
  • Accounting principles (e.g., entity concept, monetary unit concept).

**2. Theory Base of Accounting

• Accounting Principles:
  • Generally Accepted Accounting Principles (GAAP) and their applications.
• Accounting Standards:
  • Introduction to Indian Accounting Standards (Ind AS) and International Financial Reporting Standards (IFRS).

**3. Accounting Transactions and Systems

• Books of Accounts:
  • Journal: Recording transactions in the journal, journal entries, and adjusting entries.
  • Ledger: Posting from the journal to the ledger, maintaining different ledger accounts.
  • Trial Balance: Preparation and significance of the trial balance in checking the accuracy of records.
• Subsidiary Books:
  • Cash Book: Types (single column, double column, and triple column), and recording cash transactions.
  • Bank Book: Recording transactions related to bank statements and reconciliation.
  • Purchases and Sales Books: Recording of purchases and sales transactions.

**4. Accounting for Special Transactions

• Depreciation:
  • Concept of Depreciation: Definition, need, and methods (Straight Line Method, Written Down Value Method).
• Bills of Exchange:
  • Definition and Types: Bills of exchange and promissory notes, recording and accounting treatment.
• Rectification of Errors:
  • Types of Errors: Errors of omission, commission, and principle, and their rectification.

**5. Financial Statements

• Preparation of Financial Statements:
  • Trading Account: Preparation and purpose, including the calculation of gross profit.
  • Profit and Loss Account: Preparation and interpretation, including the calculation of net profit.
  • Balance Sheet: Preparation of the balance sheet, understanding of assets, liabilities, and equity.
• Adjustments:
  • Adjustment Entries: Accruals, prepayments, depreciation, and provision for bad debts.

**6. Application of Accounting Standards

• Accounting for Non-Profit Organizations:
  • Receipts and Payments Account: Preparation and understanding of cash transactions in non-profit organizations.
  • Income and Expenditure Account: Preparation, distinguishing between capital and revenue items.
  • Balance Sheet of Non-Profit Organizations: Preparation and presentation.

**7. Bank Reconciliation Statement

• Purpose and Preparation:
  • Bank Reconciliation Statement: Purpose, preparation, and adjustment of differences between the cash book and bank statement.

**8. Final Accounts of Sole Proprietorship

• Preparation and Presentation:
  • Final Accounts: Preparation of final accounts for a sole proprietorship business, including trading, profit and loss accounts, and balance sheets.
• Adjustments: Impact of adjustments on the preparation of final accounts.

**9. Partnership Accounts

• Partnership Deed:
  • Concept and Clauses: Importance and key clauses of the partnership deed.
• Accounting for Partnership:
  • Admission of a Partner: Accounting treatment, revaluation of assets, and adjustment of goodwill.
  • Retirement of a Partner: Accounting treatment, calculation of profit-sharing ratio, and settlement of accounts.
  • Dissolution of Partnership: Procedure and accounting treatment for the dissolution of partnership firms.

Practical Work

• Record Keeping:
  • Practical exercises: Recording transactions in journals, ledgers, and preparation of trial balance.
• Preparation of Financial Statements:
  • Hands-on practice: Preparing trading accounts, profit and loss accounts, and balance sheets.
• Bank Reconciliation:
  • Practice: Preparing bank reconciliation statements based on given data.

Notes

• Textbooks and Reference Materials: Use prescribed textbooks and reference materials as recommended by ICSE or your school.
• Updates: Always check with your school for any updates or changes to the syllabus.

This syllabus aims to provide students with a comprehensive understanding of accounting principles and practices, preparing them for advanced studies in accounting and finance.