Basic Accounting Terms – Part 2 | Class 11 Accountancy

📚 Class 11 Accountancy | Basic Accounting Terms – Part 2 In Part 1, we discussed important basic accounting terms and terms related to the Balance Sheet. In this *Part 2**, we move ahead and understand important terms related to the **Trading Account and Profit & Loss Account* in a simple and easy-to-understand way. 📌 In this video, we cover: • Trading Account-related terms #accounting #commerce #commercestudents #accountingconcepts #accountingconventions • Purchases and Sales • Opening Stock and Closing Stock • Direct Expenses • Gross Profit and Gross Loss • Revenue, Receipt other related terms • Indirect Expenses • Direct Expenses • Net Profit and Net Loss • Other important terms related to the Trading Account and Profit & Loss Account 🎯 The purpose of this video is to help Class 11 students *understand the meaning of these terms clearly* before moving on to the preparation of Trading and Profit & Loss Accounts. If you haven't watched **Part 1**, I recommend watching it first to build a strong foundation in basic accounting terminology. 👍 Like the video if it helps you 💬 Comment your doubts/questions 🔔 Subscribe for more Class 11 Accountancy & Commerce lessons #class11accountancy #basicaccounting #basicaccountingterms #accountancy #accountingclass11