Session 13 - Receipts and Payments vs Income and Expenditure

Session Plan : Receipts and Payments vs Income and Expenditure

1️⃣ 0–5 min: Introduce Receipts & Payments Account and Income & Expenditure Account.
2️⃣ 5–15 min: Explain meaning, features, and format of both accounts.
3️⃣ 15–30 min: Detailed comparison (cash vs accrual, items, adjustments, purpose).
4️⃣ 30–40 min: Work through simple examples and identify the differences clearly.
5️⃣ 40–45 min: Recap and discuss 5 important exam questions.

Lecture Material : (PDF, PPT)

Receipts_vs_Income_Expenditure_RELOAD.pptx

Learning Material (IV Quadrant Approach)

(Q1) : Text and Image based Content (PDF/Image Formats)

Difference between Revenue and payment account vs Income and expenditure account.pdf

(Q2) : Video Based Content (Youtube)

(Q3) : Formative Assessment (Google Form/Any Other Online Quiz Platform)

(Q4) : Further Reading

Recommended Books & Texts

Accounting for Business (3rd ed) — A textbook focused on how accounting supports business decision-making and is suitable for non-specialist managers and business students. Goodreads
Accounting for Business Studies by Aneirin Owen — Integrates accounting with business & management studies, emphasising the commercial context. Routledge
Business Accounting (v.2.0) (free online text) — Covers many fundamental accounting topics; good for self-study. 2012 Books
Accounting, The Language of Business by JoAnn Wood — Openly-licensed, explains accounting as a communication tool in business. Boise State Pressbooks

Useful Online Resources

Open Textbook Library: “Accounting Principles: A Business Perspective” and others — free downloadable textbooks covering core accounting topics. Open Educational Resources
Guides listing recommended books for accounting and business: e.g., “Business Recommended Reading by Subject: Accounting”. BYU Library Guides+1
Articles on accounting fundamentals: e.g., “What Is Accounting? | Introduction to Business” explains accounting as the language of business.

Key Questions

IMPORTANT QUESTIONS

Distinguish between Receipts and Payments Account and Income and Expenditure Account.
Why is Receipts & Payments Account prepared on a cash basis?
Explain the treatment of outstanding and prepaid expenses in the Income & Expenditure Account.
What types of items appear only in the Receipts & Payments Account and not in the Income & Expenditure Account?
Why does the Income & Expenditure Account not show opening and closing balances?

Page updated

Report abuse