CBSE Sample Question Papers for Class 12 Accountancy with Answers are now available for download in PDF format. CBSE 2019 Sample Paper are provided below with answers as per the guidelines of CBSE board marking scheme.

Central Board of Secondary Education Board Exam Sample Question Paper for Class 12 are given here. CBSE Sample Paper are very helpful for Board exam preparation. CBSE Class XII Accountancy Sample Paper gives an idea of question paper pattern and marking scheme.

Board: Central Board of Secondary Education (CBSE)
Resource: CBSE accountancy Paper
Class: 12th
Subject: Accountancy
Year: 2019

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ACCOUNTANCY BOARD PAPER INTRODUCTION AND IMAGES.

                                                                                                                                                               

Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. The modern field was established by the Benedikt Kotruljevic in 1458, (Italian: Benedetto Cotrugli; 1416–1469) merchant, economist, scientist, diplomat and humanist from Dubrovnik (Croatia), and Italianmathematician Luca Pacioli in 1494.^[3] Accounting, which has been called the "language of business",^[4] measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators.^[5] Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.

Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accountingand cost accounting.^[6][7] Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers;^[8] and management accounting focuses on the measurement, analysis and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.^[9]

Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are usually audited by accounting firms,^[10] and are prepared in accordance with generally accepted accounting principles(GAAP).^[8] GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States^[1] and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to convergetowards or adopt the International Financial Reporting Standards (IFRS).

Financial accounting[edit]

Main article: Financial accounting

Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the external users in accordance with generally accepted accounting principles (GAAP).^[8] GAAP, in turn, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers.^[1]

Financial accounting produces past-oriented reports—for example the financial statements prepared in 2006 reports on performance in 2005—on an annual or quarterly basis, generally about the organization as a whole.^[8]

This branch of accounting is also studied as part of the board exams for qualifying as an actuary. These two types of professionals, accountants and actuaries, have created a culture of being archrivals.

Management accounting[edit]

Main article: Management accounting

Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfill the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis, and are not required to follow the generally accepted accounting principle (GAAP).^[8] In 2014 CIMA created the Global Management Accounting Principles (GMAPs). The result of research from across 20 countries in five continents, the principles aim to guide best practice in the discipline.^[34]

Management accounting produces future-oriented reports—for example the budget for 2006 is prepared in 2005—and the time span of reports varies widely. Such reports may include both financial and non financial information, and may, for example, focus on specific products and departments.

Accounting information systems[edit]

Main article: Accounting information system

An accounting information system is a part of an organization's information system that focuses on processing accounting data.^[39] Many corporations use artificial intelligence-based information systems. Banking and finance industry is using AI as fraud detection. Retail industry is using AI for customer services. AI is also used in cybersecurity industry. It involves computer hardware and software systems and using statistics and modeling

Education and qualifications[edit]

Accounting degrees

At least a bachelor's degree in accounting or a related field is required for most accountant and auditor job positions, and some employers prefer applicants with a master's degree.^[52] A degree in accounting may also be required for, or may be used to fulfill the requirements for, membership to professional accounting bodies. For example, the education during an accounting degree can be used to fulfill the American Institute of CPA's (AICPA) 150 semester hour requirement,^[53] and associate membership with the Certified Public Accountants Association of the UK is available after gaining a degree in finance or accounting.^[54]

A doctorate is required in order to pursue a career in accounting academia, for example to work as a university professor in accounting.^[55][56] The Doctor of Philosophy (PhD) and the Doctor of Business Administration (DBA) are the most popular degrees. The PhD is the most common degree for those wishing to pursue a career in academia, while DBA programs generally focus on equipping business executives for business or public careers requiring research skills and qualifications.

The history of accounting is thousands of years old and can be traced to ancient civilizations.The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money; there is also evidence of early forms of bookkeeping in ancient Iran, and early auditing systems by the ancient Egyptians and Babylonians.^]By the time of Emperor Augustus, the Roman government had access to detailed financial information.^[17]

Double-entry bookkeeping was pioneered in the Jewish community of the early-medieval Middle East and was further refined in medieval Europe. With the development of joint-stock companies, accounting split into financial accounting and management accounting.

The first work on a double-entry bookkeeping system was published in Italy, by Luca Pacioli ("Father of Accounting").^[ Accounting began to transition into an organized profession in the nineteenth century, with local professional bodies in England merging to form the Institute of Chartered Accountants in England and Wales in 1880.