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cash system of accounting is a system in which accounting entries are made only when cash is received or paid. No entry is made when a payment or receipt is merely due. For example, the rent for December 2009 has not been paid till January 10th 2010. Under cash basis, rent expense for the month of December will not be recorded as payment has not been made. Government system of accounting is mostly on the cash system.
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mercantile/accrual system of accounting means system in which accounting entries are made on the basis of amount having become due for payment or receipt. This system recognizes the fact that if a transaction or an event occurred, its consequences cannot be avoided and therefore, should be brought into book in order to present a meaningful picture of profit earned or loss suffered.
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What is the system called The system of preparing financial statements based on recognizing revenues when the cash is received and reporting expenses when the cash is paid?
i don't now [Jabirshah] The system for recognizing revenues influenced with payment and receipt of cash is called "Cash base accounting system".
What are the differences between accountancy and auditng?
Accountancy is creatiing figures - auditing is checking them
Importance of Petty Cash Book Imprest System?
The importance of Petty Cash Book Imprest System is that it helps in basic bookkeeping. The daily transactions that use the petty cash are entered into this system which ensures that there is proper issuance of petty cash.
What is imprest fund system?
The imprest fund system is a system of control of cash which requires that all cash receipts should be deposited intact and all cash disbursements should be made by means of check.This is the one usually followed in handling petty cash transactions.
What is the big difference between accounting technology and accountancy?
People use technology and accountancy people just hate it
The system was the method that England used to regulate trade?
mercantile
What was the impact of the mercantile system in the Netherlands?
The impact of the Mercantile system in the Netherlands was creation of monopolies.
How do mercantile exchanges work?
How did the British mercantile system work?
Is cash book a primary book?
In terms of Accountancy, Yes it is
What is the mercantile system?
The mercantile system was a system in which a country's main goal was to procure as much money as possible and often exploit her colonies to achieve this end.
Who was not an element of a mercantile system?
Astronomer.
What French economist is most associated with the mercantile economic system?
The French economist most associated with the mercantile economic system was Colbert.
Under which system did England use the American colonies to supply its need for resources?
The Mercantile System used American colonies to supply England's needs for resources.
Which of these descriptions does not apply to the economy of eigh teenth century England?
The mercantile system was still strongA+
The mercantile system began to fail because .?
all correct
Is raw materials an element of a mercantile system?
Yes, raw materials are a key element of a mercantile system. In such a system, the focus is on accumulating wealth through trade, and raw materials serve as essential resources for production and export. By controlling the supply of raw materials, mercantile powers can enhance their economic strength and influence in global trade. Thus, raw materials play a crucial role in the mercantile approach to economic management.
What of these is not an element of a mercantile system?
Religion. Mercantile systems primarily focus on commerce, trade, and economic activities, rather than religious beliefs or practices.
