Consider the following statements about ‘Revenue Receipts’:
1. They neither create any liability nor reduce any asset of the government.
2. They are irregular and non-recurring in nature.
3. There is no future obligation to return the amount.
Which of the statements given above is/are correct?
1 and 3 only
3 only
1 and 2 only
1, 2 and 3
Revenue Receipts:
•They neither create any liability nor reduce any asset of the government.
•They are regular and recurring in nature.
•There is no future obligation to return the amount.
•Examples: Tax revenue and non-tax revenue
The term 'West Texas Intermediate', sometimes found in news, refers to a grade of
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