Answer Posted / aman vohra
Cash system of accounting refers to the accounting of transactions at the time of actual flow of cash/ funds. Whereas in Mercantile system popularly known as Accrual system , the transaction is recorded when it is accrued irrespective of the time of payment.
Mercantile system is widely used and is the only method of accounting allowed under International Financial Reporting Standards. Cash system, is mainly used by the NGO's and the Government organizations, not meant generally for making profits.
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