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The receipts and payments account of a non-profit organization is a
- a)Financial statement
- b)Income statement account
- c)Real account
- d)Nominal account
Correct answer is option 'C'. Can you explain this answer?
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The receipts and payments account of a non-profit organization is aa)F...
Receipts and Payments Account is a real account showing summary of all cash and bank transactions occurred during the accounting year. It is prepared at the end of the accounting year.
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The receipts and payments account of a non-profit organization is aa)F...
Receipts and Payments Account of a Non-Profit Organization
Financial Statement:
The receipts and payments account of a non-profit organization is a financial statement that records the cash inflows and outflows of a non-profit organization during a particular period. It provides a summary of all cash and bank transactions that took place in an accounting period.
Real Account:
The receipts and payments account of a non-profit organization is a real account because it deals with actual cash and bank transactions. Real accounts are those accounts that are related to assets, liabilities, and capital. These accounts are used to record tangible elements like cash, property, and equipment.
Nominal Account:
A nominal account is an income statement account that records all the expenses and revenue earned during an accounting period. The receipts and payments account of a non-profit organization is not a nominal account as it does not record any revenue or expenses, it only records cash and bank transactions.
Conclusion:
Therefore, the correct answer is option 'C', the receipts and payments account of a non-profit organization is a real account.
Financial Statement:
The receipts and payments account of a non-profit organization is a financial statement that records the cash inflows and outflows of a non-profit organization during a particular period. It provides a summary of all cash and bank transactions that took place in an accounting period.
Real Account:
The receipts and payments account of a non-profit organization is a real account because it deals with actual cash and bank transactions. Real accounts are those accounts that are related to assets, liabilities, and capital. These accounts are used to record tangible elements like cash, property, and equipment.
Nominal Account:
A nominal account is an income statement account that records all the expenses and revenue earned during an accounting period. The receipts and payments account of a non-profit organization is not a nominal account as it does not record any revenue or expenses, it only records cash and bank transactions.
Conclusion:
Therefore, the correct answer is option 'C', the receipts and payments account of a non-profit organization is a real account.
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The receipts and payments account of a non-profit organization is aa)Financial statementb)Income statement accountc)Real accountd)Nominal accountCorrect answer is option 'C'. Can you explain this answer?
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The receipts and payments account of a non-profit organization is aa)Financial statementb)Income statement accountc)Real accountd)Nominal accountCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The receipts and payments account of a non-profit organization is aa)Financial statementb)Income statement accountc)Real accountd)Nominal accountCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The receipts and payments account of a non-profit organization is aa)Financial statementb)Income statement accountc)Real accountd)Nominal accountCorrect answer is option 'C'. Can you explain this answer?.
The receipts and payments account of a non-profit organization is aa)Financial statementb)Income statement accountc)Real accountd)Nominal accountCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The receipts and payments account of a non-profit organization is aa)Financial statementb)Income statement accountc)Real accountd)Nominal accountCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The receipts and payments account of a non-profit organization is aa)Financial statementb)Income statement accountc)Real accountd)Nominal accountCorrect answer is option 'C'. Can you explain this answer?.
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