Income and Expenditure Account records mdash ........

General Accounting Principles Not for profit organisation

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Income and Expenditure Account records—

Capital items

Revenue items

A and B both

None of these

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Explanation:

Capital items are those items which have long term effects on business, (normally more than one year). There are two main types of of capital items; (i) capital expenditure and (ii) capital receipt. For example, fixed assets; tangible or intangible assets; (land, building, machinery, legal rights, etc) are capital items.