- 6 Marks
FA – MAY 2015 – L1 – SB – Q1a – Elements of Financial Statements
Define income and list characteristics of capital and revenue income.
Question
The elements which are directly related to the measurement of profit are Income and Expenses.
i. In line with the above statement, what is Income? (2 Marks)
ii. List TWO characteristics each of Capital Income and Revenue Income. (4 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Capital Income, Income, Journal Entries, Revenue Income, Transactions
- Level: Level 1
- Topic: Elements of Financial Statements
- Series: MAY 2015
Report an error