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What is the Mercantile accounting System?
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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 |
closing stock at the end is comprised of %a purchase price of $60000,10% discount and 15% import duty.The stock can be sold for $70000 after incurring costs of $1950.Included in the purchase price is abnormal wastage of $2000.Transportation costs are $1000 and storage costs are $500,what is the value of the closing stock?
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