what is MERCANTILE Accounting system?
how many accounting systems are followed in India
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Answer / chandu
mercantile system is one of the system of accounting,
according to mercantile system we prefers credit transactions we are recorded in the books of accounts.
three accounting systems followed by indian accounting
1 cash system
2 mercantile system
3 mixed system.
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / venkatesh
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.
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