Cala nj stuvia 2024 - Study guides, Class notes & Summaries
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NJ CALA Finance Correct 100%
- Exam (elaborations) • 2 pages • 2024
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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...
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