Income and Expenditure A c includes mdash ........

General Accounting Principles Not for profit organisation

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Income and Expenditure A/c includes—

Revenue Items

Capital Items

Both (A) and (B)

None of these

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Explanation:

Revenue items are those items having short term effects on business, (normally less than one year). There are two main types of revenue items; (i) revenue expenditure and (ii) revenue receipts. For example, repairs, wages, salaries, fuel, etc., are revenue items.