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NJ CALA Finance Exam Questions and Answers
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NJ CALA Finance Exam Questions and Answers
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NJ CALA Finance Exam Questions andAnswers
Cash Basis Accounting - Question and 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 - Question and 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
Double Entry Accounting - Question and answersRecording of a debit and credit for
each transaction
**Debits must always equal credits**
Debits - Question and answersAn entry made on the left side of the account
Credits - Question and answersAn entry made on the right side of the account
Journals - Question and answersThe 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 - Question and answersThe actual transcription of information from the journal
into the general ledger.
General Ledger - Question and answersRecording 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.
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