NJ CALA Finance Questions and Correct Answers | Latest Update
5 views 0 purchase
Course
NJ CALA
Institution
NJ CALA
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 sho...
✓ -:- An entry made on the left side of the account
Credits
✓ -:- An entry made on the right side of the account
Journals
✓ -:- The organization's "books" where transactions are first recorded
before posting to the general ledger.
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)
Posting
2|P a g e | G r a d e A + | 2 0 2 0 2 5
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestTrackers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
