why tournament expense is a capital expenditure
Dear Student,
FUND BASED ACCOUNTING is an exception to the general rule that all items of revenue or income and expenses are transferres to Income and Expenditure Acccount
Tournament expenses shall not be shown in the Income and Expenditure Account but shall be deducted from Tournament Fund on the liabilities side of the Balance Sheet. As it is a specific fund created for specifi purpose.
Regards
FUND BASED ACCOUNTING is an exception to the general rule that all items of revenue or income and expenses are transferres to Income and Expenditure Acccount
Tournament expenses shall not be shown in the Income and Expenditure Account but shall be deducted from Tournament Fund on the liabilities side of the Balance Sheet. As it is a specific fund created for specifi purpose.
Regards