Exam (elaborations)
2024 NJ CALA FINANCE EXAM WITH CORRECT ANSWERS
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2024 NJ CALA FINANCE EXAM WITH CORRECT ANSWERS
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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)
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