Question : Income and Expenditure account records:
Option 1: Revenue receipts and payments
Option 2: Capital receipts and payments
Option 3: Only revenue receipts
Option 4: Only capital payments
Correct Answer: Revenue receipts and payments
Solution : All the expenses and losses of the revenue nature are recorded on the debit side of income and expenditure account while all the incomes and gains of the revenue nature are recorded on its credit side. Hence, the correct option is 1.
Question : Income and expenditure account records income and expenditure of :
Question : Non-tax revenue is part of ______.
Question : In a government budget, revenue receipts = 13200, revenue expenditure = 14700, capital receipts net of borrowings = 4000, capital expenditure = 17300, and interest payments = 2350, fiscal deficit will be:
Question : The revenue deficit is calculated as ____________ minus revenue receipts.
Question : The government budget is classified into ____________ and ____________.
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