Accounting for IGCSE & O level - Accounting Procedures (Section 24 - No. 16)
Which of the following statements is/are true regarding revenue expenditures?
They are recorded in expense accounts.
They provide benefits to the business for one year or less.
They increase the value of non-current assets.
They are recorded as debits in the income statement.
Explanation
Revenue expenditures are expenses recorded on the income statement, providing short-term benefits (one year or less), and impacting the profit calculation.
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