Which of the following is a credit item in an income and expenditure account?
Answer Details
In an income and expenditure account, credit items represent income or revenue received by an organization. Therefore, the only credit item listed in the options is donations.
Donations are considered a credit item because they represent the funds received by an organization from donors. Credit items are also known as revenue or income and are recorded on the credit side of the income and expenditure account.
Electricity, stationery, and bar suppliers are all examples of expenses or expenditures that are recorded on the debit side of the income and expenditure account. Expenses are costs incurred by an organization in the course of generating revenue or carrying out its operations, and they are recorded as debits in the income and expenditure account.