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

Question : Subscription received for special events is

Option 1: recorded in the debit of Receipts and Payments Account and in the debit of Income and Expenditure Account in the year of receipt.

Option 2: recorded in the debit of Receipts and Payments Account and in the credit of Income and Expenditure Account in the year of receipt.

Option 3: recorded in the debit of Receipts and Payments Account and shown in the assets side of the Balance Sheet till the time event is held.

Option 4: recorded in the debit of Receipts and Payments Account and shown in the liabilities side of the Balance Sheet till the time event is held.

Question : The Receipts and Payments Account does not include:

Option 1: Capital receipts and payments

Option 2: Revenue receipts and payments

Option 3: Non-cash items

Option 4: None of these