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

1.	State whether the following statements are True or False with reasons.There is no difference between Receipts and Payments Account and Income and Expenditure Account.
Answer» This statement is False. In the Receipts and Payments Account, all receipts and payments transactions in cash or through the bank are recorded irrespective of the current year, previous year, or next year while in Income-Expenditure Account, only the current year’s incomes and expenses (Revenue) are recorded.

State whether the following statements are True or False with reasons.There is no difference between Receipts and Payments Account and Income and Expenditure Account.

Answer»

This statement is False.

In the Receipts and Payments Account, all receipts and payments transactions in cash or through the bank are recorded irrespective of the current year, previous year, or next year while in Income-Expenditure Account, only the current year’s incomes and expenses (Revenue) are recorded.

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State whether the following statements are True or False with reasons.There is no difference between Receipts and Payments Account and Income and Expenditure Account.

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