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What is the defination/meaning of Mercantile Accounting?
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Answer / shilpa
Mercantile System of Accounting is also Known as Accrual
System of Accounting where all the transactions are
recorded irrespective of period of Amount recived or paid.
In-other words it is a system of Accounting where amount
paid or payable is recorded. Presently every company is
following this.
| Is This Answer Correct ? | 378 Yes | 31 No |
Answer / suresh
Accounting system is followed majorly in two ways
1.Mercantile Accounting
2. Cash basis
In mercantile accounting system transactios are recorded
accrual basis.
| Is This Answer Correct ? | 203 Yes | 25 No |
Answer / sunil
mercantile system of accounting is the method in which the
organization records means amount paid and payable by the
organization for a period.
| Is This Answer Correct ? | 83 Yes | 15 No |
Answer / agin
It is a system in which accounting entries are made on the basis of amount having become due for payment or receipt. This system recognizes the fact that if a transaction or an event occurred, its consequences cannot be avoided and therefore, should be brought into book in order to present a meaningful picture of profit earned or loss suffered.
| Is This Answer Correct ? | 42 Yes | 8 No |
Mercantile system of accounting is that method in which the
all the receipt and payments of a company are due for a
particular perio
| Is This Answer Correct ? | 51 Yes | 20 No |
Answer / azad
mercantile accounting system is a system where cash and due
is recorded in a particular way
| Is This Answer Correct ? | 28 Yes | 9 No |
Answer / chethan dc
mercantile system of accounting is the method in which the
companies records means amount paid and payable by the
organization for a period
| Is This Answer Correct ? | 23 Yes | 5 No |
Answer / c d saravanan
Mercantile System of Accounting is also Known as Accrual
System of Accounting where all the transactions are
recorded irrespective of period of Amount recived or paid.
| Is This Answer Correct ? | 20 Yes | 3 No |
Answer / pooja gupta
According to Mercantile accounting system,all the income and expenses occured in the same accounting year has to be recorded,so if the transaction for income or expenses occured but payments are yet to be paid or received in future has to be recorded on accrual basis,i.e. outstanding expenses or provison for expenses or for income eg.debtors.
| Is This Answer Correct ? | 21 Yes | 4 No |
Answer / phani
mercantile accounting is also known as accural system. It is based on the matching concept.
In mercantile system, expenses are considered to expenses, during the period to which they pertain, incomes are considered to be incomes, during the period to which they pertain.This system of accounting is considered to ideal.
| Is This Answer Correct ? | 2 Yes | 0 No |
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