Commercial Applications
Give one difference between Receipt and Income.
Accounting
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Answer
| Basis | Receipt | Income |
|---|---|---|
| Meaning | Receipt means money actually received in cash, whether of revenue or capital nature. It may relate to the current year, previous year or future year and is recorded in the Receipts and Payments Account. | Income means revenue earned during the current accounting year, whether actually received or accrued. It is recorded in the Income and Expenditure Account. |
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