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What is Accrual (Mercantile Vs Cash System of Accounting)
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Answer Posted / zain-ul-abideen
accrual accounting system is mostly used by large
businesses or organizations. under this method all the
transaction are recorded whether it is cash transaction or
credit transaction. for example under the accrual method
revenue is recognized when customer are invoiced,
regardless of when payment is recieved. similarly, an
expense is recognized when the bill is recieved, not when
payment is made.
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