Tag: Receipts and Payments

A proper distinction between expenditure and expense, income and receipt, capital, and revenue as regard to expenditure, payments, receipts, profits, and losses, is one of the basic principles of correctaccounting. In this chapter I will discuss the following topics 10.01 Meaning and Difference between Expenditure and Expense10.02 Meaning and Difference between Income and Receipts10.03 Meaning…