Class 11th Accounts (Accounting Features And Objectives) In Easy Language

**Features of Accounting (in Easy Language):**

1. **Recording of Transactions:** Accounting starts by writing down all the money stuff that happens, like buying things, selling stuff, or spending money. We keep these records in special books.

2. **Classification:** We sort out all the money stuff into different categories to help us understand it better. It's like organizing things into groups, such as money we have, money we owe, and money we make.

3. **Summarization:** From time to time, we add up all the money stuff we recorded to create important reports. These reports, like a report card for a business, tell us how well the business is doing financially.

4. **Analysis:** We look closely at the money data to understand what it's telling us. It's like looking at a puzzle to see the whole picture. This helps us make smart decisions.

5. **Reporting:** We create reports that show all the money stuff to people who are interested, like the business owner, investors, and the government. These reports must be correct and follow the rules.

6. **Compliance:** We follow certain rules and standards when doing accounting. These rules make sure everyone uses the same method and can compare financial information easily.

7. **Double-Entry System:** We use a special rule that says every money action has two parts - like giving money and getting something in return. This rule helps us keep everything balanced.

**Objectives of Accounting (in Easy Language):**

1. **Recording and Monitoring:** We write down and keep an eye on all the money stuff that happens in a business. It helps us see what the business owns and owes.

2. **Financial Reporting:** We create reports that show how well the business is doing financially. It's like showing a scorecard to tell people if the business is winning or losing money.

3. **Decision-Making:** We use the money information to make smart choices. It helps the boss decide where to spend money and plan for the future.

4. **Compliance:** We make sure the money reports follow the rules and standards, so everyone can trust them.

5. **Performance Evaluation:** We check how well different parts of the business are doing. It's like giving grades to see which parts need improvement.

6. **Taxation and Legal Requirements:** We make sure the business pays the right amount of taxes and follows the law when it comes to money matters.

7. **Communication:** We use the money information to talk to people outside the business, like investors and the government. It helps them understand how the business is doing.

8. **Resource Allocation:** We use the money information to decide where to put the business's money. It's like deciding how to spend your allowance wisely.

In simple terms, accounting is like keeping a detailed record of all the money activities in a business, and its goals include making sure everyone understands the money story, making good decisions, and following the rules.