Please refer to Introduction To Accounting HOTs Class 11 Accountancy provided below with Introduction To Accounting. All HOTs for Class 11 Accountancy with answers provided below have been designed as per the latest syllabus and examination petter issued by CBSE, NCERT, KVS. Students of Standard 11 Accountancy should learn the solved HOTS for Class 11 Accountancy provided below to gain better marks in examinations.
Introduction To Accounting Class 11 Accountancy HOTs
Question. Mention 3 functions of Accounting.
Answer : Functions of accounting are,
• Maintaining complete and systematic records
• Trusteeship
• Compliance of legal needs
Question. Mention 2 Differences between accounting and accountancy.
Answer :
| Accounting | Accountancy |
| Accounting is an art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events, which are, in part at least, of a financial character, and interpreting the results there of | Accountancy is a body of knowledge prescribing definite rules to be observed while recording, classifying and summarising of transactions. |
| It relies on Book-keeping. | It relies on both Book-keeping and Accounting. |
Question. Who are the users of Accounting?
Answer : The users may be categorised into 2 groups. Namely, • Internal users • External users
Question. What are the 5 roles of accounting?
Answer : Roles of accounting are,
• Role of language
• Role of the historical record
• Role of the service provider
• Role of information system
• Role of determining the net profit
Question. Mention 2 qualitative characteristics of accounting information.
Answer : • Reliability
• Comparability
Question. Which of the following is not a sub-field of accounting?
• Financial Accounting
• Cost Accounting
• Management Accounting
• Book-keeping
Answer : Book-keeping
Question. Book-keeping begins where accounting ends. True or False?
Answer : False