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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 ?    63 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 ?    3 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 18 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 ?    14 Yes 26 No

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