Which of the following is not true of revenue expenditure? i. It is incurred in one period of account. ii. its full benefits are consumed in the period incu...

The statement that is not true of revenue expenditure is "iii. it includes items for replacement and repairs". Revenue expenditure is the type of expenditure incurred in a business that is related to the day-to-day operations of the business and is aimed at maintaining the revenue-generating capacity of the business. It is usually incurred in one period of account and its full benefits are consumed in the period incurred. However, it does not include items for replacement and repairs since these are capital expenditures that are aimed at improving the revenue-generating capacity of the business over the long term. Therefore, option (iv) is not correct as it incorrectly implies that revenue expenditure includes depreciation, which is a non-cash expense that is used to allocate the cost of a long-term asset over its useful life.