Income and Expenditure Account is based on accrual concept, matching revenues earned with expenses incurred during the period. Receipts and Payments Account is based on cash, recording only actual receipts and payments irrespective of the period they relate to.
Income ad Expenditure Account is prepared on (a) basis, while Receipts and Payments Account is prepared on (b) basis.
CUET UG 2022 — Accountancy Financial Statements
2022mcqeasy
Income ad Expenditure Account is prepared on (a)_________ basis, while Receipts and Payments Account is prepared on (b)_________ basis.
Official previous-year question
Held on 20 Jul 2022 · Verified 13 Jul 2026.
Options
- A
(a) Cash (b) Accrual
- B
(a) Cash (b) Credit
- C
(a) Accrual (b) Cash
- D
(a) Permanant (b) Temporary
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