Advertisements
Advertisements
Question
Income and expenditure contain only ______ items.
Options
Capital
Capital and Revenue
Revenue
Outstanding
Advertisements
Solution
Income and expenditure contain only Revenue items.
Explanation:
Only revenue items are included in the Income and Expenditure Account; capital items are excluded. Both are included in the Receipts and Payment Account.
APPEARS IN
RELATED QUESTIONS
The closing balance of this account shows surplus/deficit ______.
How will Income and Expenditure account benefit a non-trading sports organisation?
How is Receipts & Payments Account different from Income & Expenditure Account?
This account is equivalent to the Profit and Loss Account of a business concern.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
It contains only revenue items.
Explain the term surplus in Income and Expenditure Account.
Explain the term deficit in Income and Expenditure Account.
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
Distinguish between Receipt and Income.
