Exam (elaborations)
2024 NJ CALA FINANCE EXAM WITH CORRECT ANSWERS
- Course
- Institution
2024 NJ CALA FINANCE EXAM WITH CORRECT ANSWERS
[Show more]
Content preview
2024 NJ CALA FINANCE EXAMWITH CORRECT ANSWERS
Cash Basis Accounting - CORRECT-ANSWERSKeeping records that shows only
income actually received during a fiscal period and only expenses paid
during a fiscal year.
*Record income when cash or check is received
*Record expense when check is written
Accrual Basis Accounting - CORRECT-ANSWERSKeeping records that show all
income earned during a fiscal period even though it isn't received yet and all
expenses incurred during a fiscal period even though the expenses are not
yet paid
*Record income when a bill is written
*Record expense when an order is placed
Chart of Accounts - CORRECT-ANSWERSA systematic arrangement or listing
of all general ledger accts by category with corresponding general ledger
acct numbers. Assets are listed first, followed by liabilities, equity, revenue,
and expense accts.
Trial Balance - CORRECT-ANSWERSSummary of balances from each acct in
the chart of accts. These balances are the numbers from which you generate
your balance sheet as well as your profit and loss statement.
Balance Sheet - CORRECT-ANSWERSA financial report that reflects what a
business:
Owns (an asset)
Owes (a liability)
Is worth (equity/capital/or net worth)
Formula to Remember - CORRECT-ANSWERSAssets= Liabilities + Equity
Assets-Liabilities= Net Worth
Operating Expenses - CORRECT-ANSWERSresident care, plant operations,
dietary, housekeeping, laundry, general & admin, depreciation, interest, total
operating expenses
Fixed Expense - CORRECT-ANSWERSExpenses that do not change as
occupancy goes up or down (mortgage, taxes etc)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Elitaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72964 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now