The receipts and payments account for an non-profit organization is a_
Right Answer is: B
• Nominal Account- These accounts are the general ledger accounts that are closed at the end of each accounting year & are related to income/ gains and expenses/losses. Wage account is a Nominal account. General rule for Nominal account is debit all the expenses and losses & Credit all incomes and gains.
• Real Account- These accounts are the general ledger accounts related to assets or properties that are not closed at the end of each accounting year & their balances are carried over for the next accounting perioD. General rule for Real account is debit what comes in & Credit what goes out.