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Consider the following statements.
1. Those that relate to the current financial year only are included in the revenue account
2. Those that concern the assets and liabilities of the government into the capital account
Which of these statements are correct?
- a)1 Only
- b)2 Only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements. 1. Those that relate to the curren...
- Although the budget document relates to the receipts and expenditure of the government for a particular financial year, the impact of it will be there in subsequent years.
- There is a need therefore to have two accounts- those that relate to the current financial year only are included in the revenue account (also called revenue budget) and those that concern the assets and liabilities of the government into the capital account (also called capital budget).
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Consider the following statements. 1. Those that relate to the curren...
Explanation:
The correct answer is option C, which means both statements 1 and 2 are correct.
Statement 1: Those that relate to the current financial year only are included in the revenue account.
The revenue account is a part of the government's financial statements that records the revenue earned and expenses incurred during a specific period, usually the current financial year. It includes all the revenue generated from various sources such as taxes, fees, fines, and grants. Additionally, it also includes the expenses related to running the government, such as salaries, maintenance, and other day-to-day expenses. Therefore, statement 1 is correct.
Statement 2: Those that concern the assets and liabilities of the government go into the capital account.
The capital account is a part of the government's financial statements that records the assets and liabilities of the government. It includes long-term assets such as infrastructure, buildings, and equipment, as well as long-term liabilities such as loans and bonds. The capital account shows the financial position of the government in terms of its long-term investments and obligations. Therefore, statement 2 is also correct.
Conclusion:
Both statements 1 and 2 are correct. The revenue account includes the revenue and expenses related to the current financial year, while the capital account records the assets and liabilities of the government. These two accounts provide a comprehensive view of the government's financial position and its financial activities during a specific period.
The correct answer is option C, which means both statements 1 and 2 are correct.
Statement 1: Those that relate to the current financial year only are included in the revenue account.
The revenue account is a part of the government's financial statements that records the revenue earned and expenses incurred during a specific period, usually the current financial year. It includes all the revenue generated from various sources such as taxes, fees, fines, and grants. Additionally, it also includes the expenses related to running the government, such as salaries, maintenance, and other day-to-day expenses. Therefore, statement 1 is correct.
Statement 2: Those that concern the assets and liabilities of the government go into the capital account.
The capital account is a part of the government's financial statements that records the assets and liabilities of the government. It includes long-term assets such as infrastructure, buildings, and equipment, as well as long-term liabilities such as loans and bonds. The capital account shows the financial position of the government in terms of its long-term investments and obligations. Therefore, statement 2 is also correct.
Conclusion:
Both statements 1 and 2 are correct. The revenue account includes the revenue and expenses related to the current financial year, while the capital account records the assets and liabilities of the government. These two accounts provide a comprehensive view of the government's financial position and its financial activities during a specific period.
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Consider the following statements. 1. Those that relate to the current financial year only are included in the revenue account2. Those that concern the assets and liabilities of the government into the capital accountWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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