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The receipts and payments account of a non-profit organization is a
- a)Income statement account
- b)Nominal account
- c)Real account
- d)Financial statement
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
The receipts and payments account of a non-profit organization is aa)I...
Explanation:
The receipts and payments account of a non-profit organization is a real account.
Real Account:
Real accounts are accounts that represent assets or liabilities that exist in real life. They are tangible and can be touched, felt and seen. They are not affected by the passage of time and do not have a fixed lifespan. Real accounts are also known as permanent accounts.
Receipts and Payments Account:
The receipts and payments account is a real account that records all the cash receipts and payments of a non-profit organization over a given period of time. It is used to summarize the cash transactions of the organization and is usually prepared at the end of the financial year.
Characteristics of Receipts and Payments Account:
- Real Account
- Records only cash transactions
- Prepared at the end of the financial year
- Summarizes cash transactions of the organization
Conclusion:
In conclusion, the receipts and payments account of a non-profit organization is a real account because it represents the cash transactions of the organization that exist in real life.
The receipts and payments account of a non-profit organization is a real account.
Real Account:
Real accounts are accounts that represent assets or liabilities that exist in real life. They are tangible and can be touched, felt and seen. They are not affected by the passage of time and do not have a fixed lifespan. Real accounts are also known as permanent accounts.
Receipts and Payments Account:
The receipts and payments account is a real account that records all the cash receipts and payments of a non-profit organization over a given period of time. It is used to summarize the cash transactions of the organization and is usually prepared at the end of the financial year.
Characteristics of Receipts and Payments Account:
- Real Account
- Records only cash transactions
- Prepared at the end of the financial year
- Summarizes cash transactions of the organization
Conclusion:
In conclusion, the receipts and payments account of a non-profit organization is a real account because it represents the cash transactions of the organization that exist in real life.
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Community Answer
The receipts and payments account of a non-profit organization is aa)I...
All assets are real account may be tangible or intangible. so option C is appropriate
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