Introduction to Accountancy and Collection of Data Grade 11 CBSE

Vocabulary flashcards covering key terms from accounting and economics lectures.

Accounting

The process of identifying, measuring, recording, and communicating financial information.

Recording

Systematic documentation of transactions.

Classifying

Grouping similar transactions.

Summarizing

Preparing financial statements.

Analyzing and Interpreting

Understanding financial data.

Communicating

Sharing information with users.

Financial Accounting

Records financial transactions.

Cost Accounting

Determines cost of production.

Management Accounting

Provides information for decision-making.

Reliability

Accurate and dependable.

Relevance

Useful for decision-making.

Understandability

Clear and comprehensible.

Comparability

Comparable over time and across entities.

Asset

Resources owned.

Liability

Obligations owed.

Capital

Owner's investment.

Revenue

Income earned.

Expense

Costs incurred.

Profit

Excess of revenue over expenses.

Loss

Excess of expenses over revenue.

Data

Factual information used for analysis.

Primary Data

Collected firsthand by the investigator for a specific purpose.

Secondary Data

Already collected by someone else and used by the investigator.

Direct Personal Investigation

Investigator collects data personally.

Indirect Oral Investigation

Data collected through third parties.

Information from Correspondents

Local agents provide data.

Mailed Questionnaire Method

Questionnaires sent and returned by mail.

Schedules Sent Through Enumerators

Trained enumerators collect data.

Census

Data collected from every unit.

Sample Survey

Data collected from a representative group.

Random Sampling

Every unit has equal chance.

Stratified Sampling

Population divided into strata, samples taken from each.

Systematic Sampling

Every nth item selected.

Quota Sampling

Specific quotas from different groups.

Judgement Sampling

Investigator's discretion.