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NJ CALA Finance Questions and Correct Answers | Latest Update
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Cash Basis Accounting -:- Keeping 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 -:- Keeping records that sho...

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  • September 19, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • nj cala finance questions and correct answers la
  • cash basis accounting keeping records that s

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  • NJ CALA
  • NJ CALA

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2024 /2025 | © copyright | This work may not be copied for profit gain Excel!




NJ CALA Finance Questions and Correct
Answers | Latest Update
Cash Basis Accounting


✓ -:- Keeping 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


✓ -:- Keeping 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




Double Entry Accounting


✓ -:- Recording of a debit and credit for each transaction

**Debits must always equal credits**




1|P a g e | G r a d e A + | 2 0 2 0 2 5

, 2024 /2025 | © copyright | This work may not be copied for profit gain Excel!



Debits


✓ -:- An entry made on the left side of the account




Credits


✓ -:- An entry made on the right side of the account




Journals


✓ -:- The organization's "books" where transactions are first recorded

before posting to the general ledger.

5 types of journals:


-Cash receipt journal


-Cash disbursement journal


-Account receivable journal


-Account payable journal


-General journal (recording transactions that don't fit in to the above 4 categories)




Posting




2|P a g e | G r a d e A + | 2 0 2 0 2 5

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