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From Karnataka Open Educational Resources
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, 12:02, 14 January 2014
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| NCERT Class XI has 'Financial Accounting - I' text book, which gives much more detailed explanation of Accounting. Chapter 1 provides an introduction to accountancy and [http://www.ncert.nic.in/ncerts/textbook/textbook.htm?keac1=2-8 Class XI - Financial Accounting - Chapter 2] discusses basic accounting concepts which is very much required to understand the subject. | | NCERT Class XI has 'Financial Accounting - I' text book, which gives much more detailed explanation of Accounting. Chapter 1 provides an introduction to accountancy and [http://www.ncert.nic.in/ncerts/textbook/textbook.htm?keac1=2-8 Class XI - Financial Accounting - Chapter 2] discusses basic accounting concepts which is very much required to understand the subject. |
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− | Chapter two also discusses two other related items - accounting principles/practices (including the General Accepted Accounting Principles,called GAAP in short) and accounting conventions. | + | Chapter two also discusses three other related items - accounting principles/practices (including the General Accepted Accounting Principles,called GAAP in short), accounting conventions and accounting standards. |
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| Both accounting principles and conventions inform/influence the actual practice of accountancy. | | Both accounting principles and conventions inform/influence the actual practice of accountancy. |
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| + | The professional accounting bodies (such as the [http://icai.org/ Institute of Chartered Accountants of India]), draft the accounting principles and standards to keep evolving with changing requirements. |
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| [[Text_books_ncert_accountancy | Click here for NCERT Accountancy text books]] | | [[Text_books_ncert_accountancy | Click here for NCERT Accountancy text books]] |