Class 11 Comprehensive Review: Business Studies, Computer Science, and Accountancy

Flashcards covering key vocabulary from Business Studies (Chapters 1-4), Computer Science (Chapters 1-5), and Accountancy (Chapters 1-2).

Economic Activities

Any activities that are carried out with the goal of earning money and livelihood, majorly classified as Business, Profession, or Employment.

Non Economic activities

Activities performed out of love, affection, sympathy, etc., without the aim of earning profit, such as social work or religious activities.

Hundi

An ancient instrument of exchange involving an unconditional contract that warrants the payment of money and can be exchanged through transfer by valid negotiation.

Business

An economic activity undertaken regularly and continuously to satisfy societal needs and earn profit through the sale and purchase of goods and services.

Profession

An economic activity carried out by a person with specialised knowledge and skills in order to serve society.

Employment

An economic activity which involves doing work for someone else in consideration of money.

Analytical Industry

A type of manufacturing industry that separates and refines elements from raw materials to produce various by-products, such as petrol and diesel from crude oil.

Synthetical Industry

A manufacturing industry that combines materials from different sources to create new products, like cement production.

Tertiary Industry

Industries that provide support services, such as banking, transportation, and communication, to facilitate primary and secondary industry operations.

Entreport

A type of foreign trade involving importing goods from one country and exporting them to a third country.

Sole Proprietorship

A form of business organisation owned, managed, and controlled by an individual who bears all risks and receives all profit.

Karta

The manager or head of a Joint Hindu Family Business who has unlimited liability and holds complete control over the business.

Partnership

The relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all, as per the Partnership Act 1932.

Nominal Partner

A partner who does not contribute capital or share profit and losses but allows the firm to project them as a partner.

Joint Stock Company

Defined by the Companies Act, 2013, as an artificial person having a separate legal entity, perpetual succession, and a common seal.

Public Private Partnership (PPP)

A collaboration between public entities and private sector partners, usually for infrastructure and other services.

CPU (Central Processing Unit)

The brain of the computer that carries out processing tasks, consisting of the Arithmetic Logic Unit (ALU) and the Control Unit (CU).

RAM (Random Access Memory)

Primary memory that stores information temporarily; data is lost when power is turned off.

System Bus

Dedicated electrical paths (data bus, address bus, and control bus) used for data transfer between the CPU, memory, and storage.

Microcontroller

A single chip packaging the CPU, memory, and peripherals, ideal for embedded systems like washing machines and digital cameras.

ASCII

American Standard Code for Information Interchange; a 7-bit encoding scheme representing 128 different English characters, numbers, and symbols.

Unicode

A global encoding standard designed to contain every symbol from all languages, supporting universal data exchange.

Machine Learning

A subset of AI where computers learn and improve from data without being directly programmed for specific tasks.

Big Data

Enormous datasets characterized by five features: Volume, Velocity, Variety, Veracity, and Value.

Internet of Things (IoT)

A network connecting everyday devices to the internet, allowing them to communicate and be controlled remotely.

Algorithm

A finite sequence of well-defined steps that produces a desired output for any valid input.

Pseudocode

An informal way of writing an algorithm in plain language using keywords like INPUT, COMPUTE, and PRINT to outline logic before coding.

Decomposition

The process of breaking down complex problems into smaller, more manageable sub-problems.

Keywords (in Python)

Special reserved words in Python, such as 'if', 'else', and 'while', that cannot be used as names for variables or functions.

Accounting

The art of recording, classifying, and summarizing financial transactions and events in terms of money and interpreting the results.

Accounting Equation

The fundamental equation where total assets equal capital plus liabilities, represented as: $\text{Assets} = \text{Capital} + \text{Liabilities}$

Debtors

Persons or companies who are liable to pay money to a firm.

Matching Concept

An accounting principle stating that costs and revenues must be recorded in the books in the same accounting period in which they occur.

Going Concern Concept

The assumption that a business will remain in operation for the foreseeable future rather than closing down immediately.

Conservatism (Prudence)

The accounting principle of not anticipating profits but providing for all possible losses.