What do you understand by Turnover?

Answer in Brief

Turnover refers to the sales made during the accounting or fiscal year. The sum of gross sales for the year.
Turnover is sometimes referred to as Gross Sales or Gross Receipts.

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Distinction Between Capital and Revenue Receipts

Is there an error in this question or solution?

Write any two differences between capital and revenue Receipts.

Money received by sale of machine is a ______.

Rent received and commission received are examples of ______.

Define Capital receipts.

What are revenue receipts?

Distinguish between Capital Receipts and Revenue Receipts.

Amount received on sale of assets is a ______ receipt.

Amount received on sale of stock-in-trade is a ______ receipt.

Premium paid on issue of shares is a capital receipt.

Sale of securities by an investment company is a capital receipt.