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NJ CALA FInance Questions with 100% Correct Answers | Latest Update | Verified
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Credits - ️️An entry made on the right side of the account Operating Expenses - ️️resident care, plant operations, dietary, housekeeping, laundry, general & admin, depreciation, interest, total operating expenses Double Entry Accounting - ️️Recording of a debit and credit for each tr...

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  • September 12, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • NJ CALA FInance
  • NJ CALA FInance

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NJ CALA FInance
Credits - ✔️✔️An entry made on the right side of the account

Operating Expenses - ✔️✔️resident care, plant operations, dietary, housekeeping, laundry, general &
admin, depreciation, interest, total operating expenses



Double Entry Accounting - ✔️✔️Recording of a debit and credit for each transaction

**Debits must always equal credits**



Debits - ✔️✔️An entry made on the left 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 - ✔️✔️The actual transcription of information from the journal into the general ledger.



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



General Ledger - ✔️✔️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.

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