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What is Accrual (Mercantile Vs Cash System of Accounting)
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Answer Posted / chalapathi rao govada
Accral Basis AS per AS -1 " Disclosure of accounting
polocies"
Accrual concept refers recognize the revenue and
expenditure transacions as and when the occure irrespective
of their acutal receipt or payment.
As per sec 209(8) only when the company is followed the
accrual system of accounting and double entry system then
only it is assumed that proper books of accounts are
maintained by such organisation.
| Is This Answer Correct ? | 19 Yes | 9 No |
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