Accounting · Revenue Receipts
Which of the following statements is FALSE for revenue receipts?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Revenue receipts are not directly credited to profit and loss account.✓
- 2Revenue receipts should not be equated with the actual cash receipt.
- 3Revenue receipts are recognised on accrual basis as soon as the right of receipt is established.
- 4Receipts which are obtained in the course of normal business activities are revenue receipts.
Correct answer
Revenue receipts are not directly credited to profit and loss account.
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