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Categories >> Accounting >> Accounting AllOther


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What is the Mercantile accounting System?
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
# 1
Mercantile basis of accounting is nothing but the accrual
basis of accounting. In the accounting revenues are
recognised irrespective of when the cash is received
Is This Answer Correct ?    58 Yes 8 No
# 2
It is a system where the entries for income and expenses
are not necessarily for the current financial year but for
a continuous period of time.
Is This Answer Correct ?    1 Yes 4 No
Raghunath Singbal
# 3
It refers to that system of accounting n which expenses and
incomes are recorded as and when they does not
take into account the outstanding/prepaid expenses and
Is This Answer Correct ?    12 Yes 17 No
Harsh Dave
# 4
it is nothing but the accrual basis of accounting where
entries are made when the expenses actually incurred and
etries are made after the receipt of material,cash etc.
Is This Answer Correct ?    13 Yes 26 No

Other Accounting AllOther Interview Questions
  Question Asked @ Answers
What is service tax(input Credit)?   1
why to ifferentiate between capital and revenue expenditure? HSBC 4
Define investment Property?   1
what is accounts receivable and accounts payable and how to use accounts receivable and accounts payable? Thomson 2
i am fresher .i want job in accounts.please send me general interview questions of accounts TATA 7
Why we have to present first and second draft(Bill of Exchange) for bank negotiation.Why cant we present only One draft?   1
Why always Balance Sheet Tally?   3
what is fixed cost?   15
EXPAND___________MMTS   2
what do you mean by working capital? Capital-IQ 13
Choose the right answer When transport charges reimbursed by the supplier we have to credit 1.Transport charges 2.supplier 3.Other income   2
For more Accounting AllOther Interview Questions Click Here 

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