Which one of the following is incorrect match?

Receipt and Payment Account - Accrual Basis

The correct answer is Option 2: Receipt and Payment Account - Accrual Basis

Option 1: Income and Expenditure Account - Accrual basis: This is correct. Income and expenditure accounts record revenue earned and expenses incurred during a period, regardless of cash receipt or payment. This aligns with the accrual basis of accounting.

Option 2: Receipt and Payment Account - Accrual Basis: This is incorrect. The Receipt and Payment Account is typically prepared on a cash basis, not on an accrual basis. It records actual cash receipts and payments during a period, regardless of when the income was earned or when the expenses were incurred.

Option 3: Income and Expenditure Account - Nominal Account: This is correct. Income and expenditure accounts are nominal accounts that record revenue, expenses, gains, and losses. These accounts are closed at the end of the accounting period, and their net balance is transferred to the capital account.

Option 4: Receipt and Payment Account - Real Account: This is correct. Receipt and payments account is a real account just like cash account. Its prepared at the end of the year. All receipts are recorded on the debit side and expenses on the credit side. It is basically a summary of cash book, it records all cash transactions of all nature revenue and capital.