What is the Mercantile accounting System?
Answers were Sorted based on User's Feedback
Answer / deepa
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 ? | 65 Yes | 8 No |
Answer / raghunath singbal
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 ? | 5 Yes | 6 No |
Answer / harsh dave
It refers to that system of accounting n which expenses and
incomes are recorded as and when they incur.it does not
take into account the outstanding/prepaid expenses and
incomes.
Is This Answer Correct ? | 13 Yes | 18 No |
Answer / shreekant
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 ? | 15 Yes | 27 No |
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