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NJ CALA Finance Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass
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NJ CALA Finance Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass
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NJ CALA FInance.pdf file:///C:/Users/HP/Desktop/SSSSSSS/NJ%20CALA%20FInanceNJ CALA Finance
1. Cash Basis Accounting: Keeping records that shows only income actually re-ceived 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
2. Accrual Basis Accounting: Keeping records that show all income earned duringa 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
3. Double Entry Accounting: Recording of a debit and credit for each transaction
**Debits must always equal credits**
4. Debits: An entry made on the left side of the account
5. Credits: An entry made on the right side of the account
6. Journals: The organization's "books" where transactions are first recorded beforeposting to
the general ledger.
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,NJ CALA FInance.pdf file:///C:/Users/HP/Desktop/SSSSSSS/NJ%20CALA%20FInance
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)
7. Posting: The actual transcription of information from the journal into the generalledger.
8. General Ledger: Recording summary of all transactions posted from each jour-nal. The
general ledger maintains a separate record for each acct as listed in the chart of accounts.
9. Chart of Accounts: A systematic arrangement or listing of all general ledger accts by
category with corresponding general ledger acct numbers. Assets are listedfirst, followed by
liabilities, equity, revenue, and expense accts.
10. Trial Balance: Summary of balances from each acct in the chart of accts.Thesebalances are
the numbers from which you generate your balance sheet as well asyour profit and loss
statement.
11. Balance Sheet: A financial report that reflects what a business:Owns (an
asset)
Owes (a liability)
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