Consider the following-
1. Revenue receipts are divided into Tax and Non-Tax revenue.
2. Revenue expenditure is expenditure incurred for purposes other than the creation of physical or financial assets.
3. Capital expenditure is the expenditure of the government which result in creation of physical or financial assets or financial liabilities.
Which of the above statements is/are correct?
1
1 and 3 only
2
1 and 2 only
3
2 and 3 only
4
All of the above