Practicing Success
Which of the following receipts do not affect the asset or liability status of the government? |
Revenue receipts Fiscal receipts Capital receipts None of the above |
Revenue receipts |
Revenue receipts are those receipts that do not lead to a claim on the government. They neither create liability nor reduces the assets of the government. Capital receipts like money received in the form of loans or by selling of assets result in creation of liabilities of reduction in assets. |