Question

Objective Type Questions.
Answer in one sentence only.

Which receipts are called ‘Revenue Receipts?

Answer 1

Revenue receipts are those receipts that are received in the conduct of ordinary and day-to-day business activities. For instance, receipts from the sale of goods and services are the main source of revenue receipts. These receipts or incomes are received frequently in the normal course of business operations. Revenue receipts are shown on the credit side of the Income and Expenditure Account.