20 April 2011
1. Under accrual or mercantile basis accounting, revenues are recognized and earned when they are realized or realizable irrespective of when the cash is received. To put it in different terms, the accrual basis of accounting asks you to take into consideration all those incomes/gains and expenses/losses pertaining to the accounting period for which you are trying to ascertain the profits and losses irrespective of whether the incomes are received in cash or not and the expenses are paid out in cash or not.
2. MIS Report This report is prepared for the management to take some imp decisions. It is very from company to company. MIS reports are prepared to support decision making/analysing the trend eg., market/product/competitor etc.
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