Entrance fee unless otherwise stated is treated as mdash ........

General Accounting Principles Not for profit organisation

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Entrance fee, unless otherwise stated, is treated as—

Revenue Receipts

Capital Receipts

Liability

None of these

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Explanation:

- Revenue Receipts: These are incomes earned during the normal course of business, such as sales or service fees. They do not create liabilities or reduce assets.

- Capital Receipts: These are generated from non-operational sources. They lead to liability creation or asset reduction, like loans or sales of fixed assets.

- Liability: This refers to something owed, a financial debt or obligation. It does not pertain to revenue or capital receipts.

- None of these: Sometimes, an entrance fee could be considered insignificant or not fitting into standard categories.

Correct Answer: Option 1 - Revenue Receipts