Tag: CASH BASIS OF ACCOUNTING

CASH AND MERCANTILE SYSTEM OF ACCOUNTING

July 18, 2019 commerceiets 1 Comment

Cash and Mercantile System of accounting Cash and Mercantile system of Accounting is as follows: CASH BASIS OF ACCOUNTING Under cash basis of accounting, the transactions are recorded when actual cash is received or paid. It means, the income is recognized when cash is received and the expenses are recognized when the cash is paid….

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES

BASIS OF ACCOUNTING – CLEAR EXPLANATION

July 18, 2019 commerceiets No Comments

BASIS OF ACCOUNTING- MEANING The basis of accounting is a set of rules that are followed by the accountant for preparing the financially reports like profit and loss account, balance sheet and cash flow statement. The basis of accounting tells about when and which transaction is to be recognized and how to record those transactions…

11 ACCOUNTANCY, FINANCIAL ACCOUNTING