FAQ’s on Commerce – ACCOUNTANCY

Q.1 What is the role of Accountancy in the stream of Commerce?

Accountancy is considered as one of the important subjects for students in the Commerce stream. It is a compulsory and numerical-based subject. Accountancy deals with financial information about a business entity.

Q.2 What is the overview of Accountancy Syllabus?

ACCOUNTANCY at the ISC level aims at providing an understanding of the principles of accounts and practice in recording transactions and interpreting individual as well as company accounts.

It also aims at developing an understanding of the form and classification of financial statements as a means of communicating financial information.

In Class XI topics covered are, Introduction to Accounting, Journal, Ledger and Trial Balance, Bank Reconciliation Statement, Depreciation, Bills of Exchange, Final Accounts and Concept of Trading, Profit and Loss account and Balance Sheet, Rectification of Errors, Accounts from incomplete records, Non -Trading Organisation, Introduction to the Use of Computers in Accounting.

In Class XII topics covered are Fundamentals of Partnership, Goodwill, Reconstitution of Partnership I. Admission, II. Retirement and death of a partner, III. Dissolution of a Partnership firm, Joint Stock Company Accounts A. Issue of Shares, B. Issue of Debentures, C. Redemption of Debentures D. Final Accounts of Companies

MANAGEMENT ACCOUNTING. Financial Statement Analysis,  Cash Flow Statement, Ratio Analysis (OR) COMPUTERISED ACCOUNTING. Accounting Application of Electronic Spread Sheet, Database Management System (DBMS)

Q.3 What is the marking scheme of Accountancy?

CLASS XI

There will be two papers in the subject: Paper I – Theory: 3 hours ……80 marks Paper-II- Project Work………20 marks

Q.4 What are the career options of Accountancy as a subject?

Students can consider B.Com (Bachelor of Commerce)  or B.B.A after completing class 12 board examinations. This 3 years undergraduate degree is like a fundamental foundation course. Post finishing it, one can pick from a wide range of Post Graduation professional courses and specialize in many other areas.

Commerce as a stream is a gateway that leads the students towards various professional courses after completing class 12. Chartered Accountancy (CA), Company Secretary (CS), Cost and Management Accountant (CMA), Chartered Financial Analyst (CFA), Banking Sector, M.B.A, Teaching Profession, etc., are few famous carrier options for commerce professionals. Some others are:

• Chartered certified accountant

• Chartered management accountant

• Chartered public finance accountant

• Company secretary

• External auditor

• Forensic accountant

• Stockbroker

• Startups

FAQ’s on Commerce – COMMERCE

Q1. What does one learn from Commerce as a subject?

Learning commerce is very interesting and challenging. It familiarises students with some major functions of a country’s economy, such as trade, industry, business, finance, money, and banking.

The main areas of study in Commerce include:

1. Structure and functioning of Business Organizations,

2. Principles of Marketing,

3. Principles of Management,

4. Operations Management,

5. Human Resource Management,

6. Finance and banking,

7. National and International Agencies Impacting Business

Program Outcome

By the end of the program students will be proficient in the following areas:

• Observe and analyze the behavior and tactics of firms.

• Familiarise students with corporate culture and prepares them for their professional life.

It helps students understand how business activities influence society and the economy.

Q 2. Is Commerce a theoretical subject?

A study in commerce involves both theoretical and practical applications. The main courses in commerce streams are accountancy, business studies, and economics. Accountancy is purely a practical study.

Q 3. What is the outline of the exam pattern of Commerce as a subject in ISC?

ISC Commerce is divided as

• 80 marks-theory paper of three duration

• 20 marks -2 projects, (each project carries 10 marks).

Topics of projects are already listed in the ISC Syllabus. Out of the total 10 topics, students need to select any 2 topics both in 11 and 12 std.  Stepwise Instructions regarding it will be provided by the concerned teachers.

Q4. Does Commerce involve any mathematical calculations?

At the senior secondary level, commerce education demands only a general understanding of Mathematics. ( Mathematics is an optional subject for Commerce students)

At higher levels of Commerce education, fairly good awareness of mathematical principles is required. the main areas of commerce at higher levels are dealt with Advanced Accountancy,  Statistics, Operations Research, Research Methodology, Finance, and Economics.

Q 5. What career options for students of  Commerce?

By choosing the domain of commerce, the student is exposed to vast and lucrative professional and non-professional career opportunities. Some of these are listed below:

• Charted Accountants (CA)

• Charted Financial Analyst (CFA)

• Charted Public Accountant (CPA)

• Associate of Charted Certified Accountants (ACCA)

• Charted Management Accountants (CIMA)

• COST and Works Accountants of India

• Certified Management Accountant (CMA)

• Master of Business Administration (MBA)

• Postgraduate Diploma in management

• L L. B

• Investment Banker

• Retail managers

• Venture Capitalist

• Actuaries

• Financial Analysts

• Market Analysts

The courses that can be pursued are:

• Diploma programs-Diploma in marketing, Diploma in Consumer behavior, etc.

• Bachelor of Commerce

• Bachelor of Commerce (Hons.)

• Professional programs Like Corporate law, Hotel management, C.S, C.A, L.L.B, Aviation management, Hospital management, Hospitality management

• Bachelor of Business Administration

• Bachelor of Business Research

• Bachelor of Control Research

• Bachelor of Financial Markets

• Bachelor in Supply chain management

• Bachelor in Banking & Insurance

• Venture Capitalist.

• Stock Broking

• Company Secretary

• Human Resource Management

FAQ’s – Business Studies

Q.1 What is the area of study covered under this subject?

Business studies deal with the working of modern business enterprise. It helps to explore the characteristics of a business organization and how a firm will be impacted in different situations. It helps students to observe and analyze the behavior and tactics of various enterprises.

Q.2 What is the significance of opting for Business Studies to Math?

This subject equips students with business and administrative knowledge if they have entrepreneurship vision.

Q.3 Is this subject a pure theory paper?

Yes, it is. But the students will have the opportunity to explore various aspects of the business through the projects assigned to them.

Q.4 Can the commerce students take up CA without Math?

Mathematics is  Not mandatory for CA- CPT but, students have  to be familiar with basic maths as there is subject quantitative aptitude (Business mathematics and statistics)

Q.5 What are the various courses offered after 12th for commerce students who have opted for Business Studies? (CAREER OPTIONS)

1. B.com

• In banking and insurance

• Information technology

• Banking and insurance

• In Retail management

2. BBA

• In HR management

• In finance

• In international business

• In foreign trade

• In business analytics

3. BMS( Bachelor of Management Studies)

4. BFT ( Bachelor of Foreign Trade)

5. BBS ( Bachelor of Business Studies)

This course will help students to develop intellectual and interpersonal skills that are required to do business. The BBS program duration is for 3 years. This course combines two core areas: Business and Finance

6. Company Secretary

Registered Company Secretaries are hired by Multinational Companies ( Mathematics is not a requirement)

7. Accountancy Programs

To build a career in the accountancy sectors such as Chartered Accountant and CMA (Certified Management Accountant). These programs also don’t have mathematics as a requirement

BOOKLIST 2020 – CLASS XI COMMERCE

We hope we helped you answer some of your questions through our FAQ’s on Commerce. Start your journey and join us at Bethany Junior College!