Nj cala finance - Study guides, Class notes & Summaries

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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 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 befor...

NJ CALA Finance Exam Questions With 100% Verified Answers. 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 thoug...

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Cash Basis Accounting - correct answers 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 answers 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...

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NJ CALA Finance Exam Questions and Answers 100% Correct Score Cash 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 incurr...