Nj cala finance - Study guides, Class notes & Summaries

NJ CALA Finance Questions & answers

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 writt...

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 ...

Cash Basis Accounting - ANSWERKeeping 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 - ANSWERKeeping 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...

NJ CALA FInance with complete solution

NJ CALA FInance with complete solution

NJ CALA FInanceCash 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 pa...

NJ CALA FInance with complete solution

NJ CALA FInance with complete solution

2024 NJ CALA FINANCE EXAM WITH CORRECT ANSWERS