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14 February,2024 | By Brainwonders
Commerce is the exchange of goods and services between individuals and business entities. It is one of the most popular streams of education, along with Science and Arts. Commerce deals with business, trade, accounting, financial information/transactions, and merchandising. It plays a significant role in developing nations and their citizens by facilitating trade between countries or within the nation. Governments are tasked with managing the commerce of their nations in a way that meets the needs of their citizens by regulating commerce activity. The commerce clause in the Constitution of the United States allows the federal government to govern many aspects of commerce in the country.
Selecting the appropriate academic path after completing Class 10 is crucial in every student's life. The choice made post-10th grade significantly shapes one's career trajectory. The three prevalent educational paths that attract the majority of students in India are:
The Science and Arts streams are widely perceived as the most popular choices regarding domains and career roles. However, many overlook the significant role that commerce plays in various sectors of both Arts and Science. In the present digital era, people increasingly recognise how commerce is integrated into every technological field, leading to a gradual shift towards the Commerce discipline.
Research conducted by the educational board in 2017 revealed that in Mumbai alone, 2.67 lakh students opted for commerce as their educational stream, surpassing the choices for Science and Arts. This article serves as a revelation, highlighting that selecting the Commerce stream could be one of the wisest decisions made by a student.
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The appeal of commerce as an academic stream lies in its diversity, attracting numerous Class 10 students. For example, after completing the Class 12 board examinations, students can opt for B.Com (Bachelor of Commerce), a 3-year undergraduate degree that serves as a foundational course. Upon its completion, individuals can choose from a broad spectrum of postgraduate professional courses, allowing specialisation in various areas.
Commerce serves as a pathway guiding students toward numerous professional courses after completing Class 12. Chartered Accountancy (CA), Company Secretary (CS), Cost and Management Accountant (CMA), Chartered Financial Analyst (CFA), Banking Sector, and Teaching, among others, stand out as popular and professionally rewarding career options for Commerce professionals.
The field of commerce in education involves the examination of business and trade activities, encompassing the exchange of goods and services from producers to end consumers. Key subjects taught in the Commerce stream during Class 12 include Accountancy, Economics, Business Studies, Statistics, Mathematics, and Informatics Practices.
In Class 11 and 12, students have the flexibility to choose from various subject combinations. The Commerce subjects covered during these grades are listed below –
| Class 11 Commerce Subjects | Class 12 Commerce Subjects |
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Accountancy:
Accountancy involves the practice of recording, allocating, and summarising trade transactions within a business. Profitability is established on the foundation of accounting. It offers management an evaluation of an establishment's financial outcomes and ranking. Key tasks in accountancy include recording, classifying, and reporting transactions. When information is prepared as a report for external use by individuals or companies, the process is called 'financial accounting.'
Financial Accounting 1 - You gain knowledge about accounting concepts, terms, generally accepted accounting principles, and the entire accounting process. This encompasses learning about journal and ledger entries, bank reconciliation statements, depreciation, accounting for bills of exchange, preparation of trial balance, and rectification of errors.
Financial Accounting II - You acquire knowledge regarding the financial statements of sole proprietorships and the accounting aspects related to incomplete records and computer applications.
Business Studies:
Business Studies is an extensive subject within the social sciences that allows for an in-depth exploration of various specialities, including Finance, Accountancy, Marketing, and Organization. It provides individuals with a solid foundation and understanding of how businesses operate, enhancing skills in communication, operations, strategy, and commercial activities.
The CBSE Class 11 syllabus aims to provide you with the following knowledge:
Economics:
Economics can be defined in multiple ways, serving as the study of scarcity and the optimal utilisation of resources. It aids in understanding how individuals, companies, and governments make decisions regarding allocated resources to meet desires and requirements. Economics also guides the organisation and coordination of individuals or entities to achieve desired outcomes.
The class 11 Economics syllabus offers an entirely fresh perspective on the subject.
• Statistics for economics – how to use statistical tools to study economic changes.
• Introductory Microeconomics
• Project work to be completed at the end of the year.
Informatics Practices:
Informatics Practices is a branch of software-related research covering software, networking concepts, and coding. This field aligns with Computer Science, focusing more on networking concepts than hardware. Informatics Practices are crucial in enhancing understanding and skills related to software and coding.
Mathematics:
Mathematics holds significance in Commerce, as economic methods rely on numerical data. With a foundational knowledge of mathematical principles, individuals and organisations can comprehend their financial standings in the present and future. Mathematics is widely used in areas such as Inventory Management, Marketing, Accounting, Financial Analysis, and Sales Forecasting.
Statistics for Economics:
In economic theory, many concepts, such as functional relationships among variables, are expressed through symbols, algebra, and calculus. Statistical analysis is crucial to examine and understand various economic and social phenomena. Statistics, representing facts based on a mass of figures, aid in comparing and analysing financial data, providing valuable insights.
India has four primary educational boards, allowing students to select the one that suits their preferences. The choice can be based on the perceived difficulty level associated with the syllabus. The names of the educational boards are as follows:
The International Baccalaureate stands out as the most challenging among the mentioned educational boards. It focuses on the concept of 'how to learn,' emphasising the application of knowledge and practical aspects of studying.
The ICSE board ranks next in complexity, with the CBSE board ranking next. CBSE is widely popular in India and falls under the jurisdiction of the Union Government of India, presenting a moderate level of difficulty.
Lastly, we have the State Boards, each state in India having its board of education regulated by the respective State Government.
ts. The medium of instruction in schools affiliated with state boards is typically the regional language of the individual state, alongside English.
| Recommended Links: | |
| Class 11 Accountancy Syllabus | Class 12 Accountancy Syllabus |
| Class 11 Business Studies Syllabus | Class 12 Business Studies Syllabus |
| Class 11 Economics Syllabus | Class 12 Economics Syllabus |
In conclusion, emphasise the importance of hard work and persistence. Reviewing previous years' question papers, identifying key questions, analysing and understanding the exam pattern, and exploring sample papers and other relevant materials are crucial.
CONCLUSION
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Frequently Asked Questions on Commerce
Q1: What are the subjects of 11th and 12th Commerce under the CBSE Board?
Ans: For both Class 11 and 12 Commerce students, the mandatory subjects are Accountancy, Business Studies, Economics, Mathematics/Informatics Practices, and English. Additionally, optional subjects include Entrepreneurship and Physical Education.
Q2: Which are the best books for Accountancy Class 12?
Ans: Recommended books for practising Accountancy in Class 12 include: 1) T.S Grewal, 2) D.K. Goel, 3) Sandeep Garg 4) T.R Jain
Q3: Which topics are good for Class 12 Economics Project?
Ans: Engaging topics for a Class 12 Economics project include Non-Performing Assets and the Central Bank’s procedures for recovery, Imperfect competition and Market failure, Theories of the Long-run supply curve, Central Bank’s functions with special reference to RBI, and RBI’s policies to curb inflation and appreciate currency value.
Q4: Which are some good topics for Business Studies Project Work for Class 12?
Ans: Interesting topics for the Business Studies Project in Class 12 include a study of courier and postal service, a study of franchise retail stores, a case study of any product, a comparative analysis of two wholesalers, and a study of a weekly bazaar in your locality.
Q5: What are the optional subjects in 11th for Commerce?
Ans: Optional subjects for Class 11 Commerce include Computer Science, I.P., Psychology, Mathematics, other foreign languages, Physical Education, Sociology, Fine Arts, and Music, among others.
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