State whether the following statements are True or False with reasons.

1.	State whether the following statements are True or False with reasons.All receipts are the items of revenue income.
Answer» This statement is False. In ‘Not for Profit’ concern receipts includes revenue receipts as well as capital receipts of current year or of previous year or of next year, so we can say that all receipts are not the items of revenue income.

State whether the following statements are True or False with reasons.All receipts are the items of revenue income.

Answer»

This statement is False.

In ‘Not for Profit’ concern receipts includes revenue receipts as well as capital receipts of current year or of previous year or of next year, so we can say that all receipts are not the items of revenue income.

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State whether the following statements are True or False with reasons.All receipts are the items of revenue income.

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