A. Both accounts follows the principle of double entry
B. They are summaries of financial statements
C. Both include capital items
D. Both are prepared by non-profit making concern
Correct Answer: Option C
C. Both include capital items
Explanation
The receipts and payment accounts include both capital and revenue items while income and expenditure account include only revenue items.
Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…
Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…
Sociology is the scientific study of human society, culture, and behavior. It examines the social…
Social Work is a profession dedicated to helping individuals, families, and communities to cope with…
Religious studies is an academic discipline that explores the beliefs, practices, and history of various…
Public administration is the field of study and practice that focuses on the organization and…