Exam (elaborations)
NJ CALA Finance Questions & answers
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NJ CALA Finance Questions & answers
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NJCALA
FInance
Cash
Basis
Accounting
-
correct
answer-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
-
correct
answer-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
-
correct
answer-Recording
of
a
debit
and
credit
for
each
transaction
**Debits
must
always
equal
credits**
Debits
-
correct
answer-An
entry
made
on
the
left
side
of
the
account
Credits
-
correct
answer-An
entry
made
on
the
right
side
of
the
account
Journals
-
correct
answer-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
-
correct
answer-The
actual
transcription
of
information
from
the
journal
into
the
general
ledger.
General
Ledger
-
correct
answer-Recording
summary
of
all
transactions
posted
from
each
journal.
The
general
ledger
maintains
a
separate
record
for
each
acct
as
listed
in
the
chart
of
accounts.
Chart
of
Accounts
-
correct
answer-A
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
answer-Summary
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
answer-A
financial
report
that
reflects
what
a
business:
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