BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In the Income and Expenditure Account, all incomes received during the year irrespective of the year for which they are received, are to be recorded.
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True
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False
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Explanation:
Detailed explanation-1: -Profit on sale of fixed asset is shown in income and expenditure account.
Detailed explanation-2: -Any transactions that are of capital in nature are not recorded in the income and expenses account.
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