Question

Identify the correctly matched pair of items in Column A to that in Column B:

Column I	Column II
1. Income tax	(a) Revenue receipts
2. Corporation tax	(b) Capital receipts
3. Machinery	(c) Revenue expenditure
4. Borrowing	(d) Revenue receipts

Options

• 1 - (a)

• 2 - (b)

• 3 - (c)

• 4 - (d)

Answer 1

1 - (a)

Explanation:

Revenue receipts are those that do not result in a liability or a diminution in the government's assets. It includes tax revenues such as income tax and corporate tax, as well as non-tax revenues such as fines and penalties, special assessments, and escheat, among others.