BOMI: Budgeting & Accounting 2024-2025.
Questions and Correct, Verified Answers.
Graded A+
Abatement - ANSFree rent used as an incentive for prospective tenants.
Absolute Net Lease - ANSAll cost of owning, maintaining, and operating the building (including roof
replacment and structural items) are paid for by the tenant and are usually paid directly to the providers
of the services.
Accelerated Cost Recovery Systems (ACRS) - ANSPrescribed by Congress between 1981 and 986 the
application of a certain percentage to the cost of an asset resulting in the annual depreciation amount.
Account - ANSAn individual record of information and transactions related to each asset of liability and
to each aspect of owner's responsibility.
Account - ANSHow we classify something
Accountants Role - ANSSupport managers by processing, controlling, and reporting accounting data.
Deliver accurate, meaningful, and timely financial reports.
Accounting - ANSA uniform and consistent system where financial data is: interpreted, summarized, and
communicated.
Accounting - ANSThe system of summarizing, interpreting, and communicating financial data.
Accounting Concepts - ANSThe global assumptions regarding the framework in which the entity operates
Accounting Controls - ANS- Collections: Periodic reviews and a tickler system
,- Cost Controls: Budget preparations and monthly budget variance reviews
- Other Controls: Management agreement and several layers of review and supervision
Accounting Controls - ANSEfforts to safeguard assets, assure accurate and reliable accounting data,
promote operational efficiency, adn adhere to prescribed management policies (internal controls)
Accounting Cycle - ANSConsists of Similar economic events that are conveted into related types of
transactions and processed through the system in similar ways.
Accounting Cycles - ANSSimilar economic events converted into related types of transactions and
processed through the system in similar ways
Accounting Equation - ANSAssets = Liabilities + Owner's Equity
Assets - Liabilities = Owner's Equity
Accounting Equation - ANSAssets = liabilities + owners equity
Accounts Payable - ANS-Debt owed to other businesses
-Recorded as labilities
Accounts Receivable - ANS-Money earned but not received
-Recorded as assets
Accrual basis accounting - ANSA system that adjusts cash activity for current period activity that did not
occur in cash for both revenue and expenditures
Accrual Basis Accounting - ANSRecords revenues and expenditures related to the period for which they
are applicable, when earned, whether or not cash has been transferred. More sophiciasted. GAAP.
Acid-test ratio - ANSratio of quick assets to current liabilities
, Ad valorem - ANSTaxes levied based on property value
Additional Rent - ANS-Expenses escalations
-Common area operating expense charges
Amortizations - ANSThe systematic allocation of the cost of an intangible asset from the balance sheet to
an expense account on the cash basis income statement
Anniversary Index - ANSThe value of a dollar of rent adjusted for inflation using the Consumer Price
Index on each annual ;ease anniversary date
Asset - ANSAnything of value that is owned
Audit - ANSA form of review of an organization's financial records
Audit Option - ANSA statement concerning a company's financial records. A qualified opinion specifies
any reservations the auditor may have. An qualified opinion indicates that the auditor has no such
reservations. that the financial statements present fairly, in all material respects, the financial position of
the company and the results of its operations.
Audit Trail - ANSA record of every financial transaction associated with each property.
Average - ANSThe sum of numbers divided by the number of items
Balance sheet - ANSA statment of the financial position of a business entity at a particular point in time,
reflecting the accounting equation
Balance Sheet - ANSIs a statement of the balances within all of the assets, liabilities, and owner's equity
summary accounts
Questions and Correct, Verified Answers.
Graded A+
Abatement - ANSFree rent used as an incentive for prospective tenants.
Absolute Net Lease - ANSAll cost of owning, maintaining, and operating the building (including roof
replacment and structural items) are paid for by the tenant and are usually paid directly to the providers
of the services.
Accelerated Cost Recovery Systems (ACRS) - ANSPrescribed by Congress between 1981 and 986 the
application of a certain percentage to the cost of an asset resulting in the annual depreciation amount.
Account - ANSAn individual record of information and transactions related to each asset of liability and
to each aspect of owner's responsibility.
Account - ANSHow we classify something
Accountants Role - ANSSupport managers by processing, controlling, and reporting accounting data.
Deliver accurate, meaningful, and timely financial reports.
Accounting - ANSA uniform and consistent system where financial data is: interpreted, summarized, and
communicated.
Accounting - ANSThe system of summarizing, interpreting, and communicating financial data.
Accounting Concepts - ANSThe global assumptions regarding the framework in which the entity operates
Accounting Controls - ANS- Collections: Periodic reviews and a tickler system
,- Cost Controls: Budget preparations and monthly budget variance reviews
- Other Controls: Management agreement and several layers of review and supervision
Accounting Controls - ANSEfforts to safeguard assets, assure accurate and reliable accounting data,
promote operational efficiency, adn adhere to prescribed management policies (internal controls)
Accounting Cycle - ANSConsists of Similar economic events that are conveted into related types of
transactions and processed through the system in similar ways.
Accounting Cycles - ANSSimilar economic events converted into related types of transactions and
processed through the system in similar ways
Accounting Equation - ANSAssets = Liabilities + Owner's Equity
Assets - Liabilities = Owner's Equity
Accounting Equation - ANSAssets = liabilities + owners equity
Accounts Payable - ANS-Debt owed to other businesses
-Recorded as labilities
Accounts Receivable - ANS-Money earned but not received
-Recorded as assets
Accrual basis accounting - ANSA system that adjusts cash activity for current period activity that did not
occur in cash for both revenue and expenditures
Accrual Basis Accounting - ANSRecords revenues and expenditures related to the period for which they
are applicable, when earned, whether or not cash has been transferred. More sophiciasted. GAAP.
Acid-test ratio - ANSratio of quick assets to current liabilities
, Ad valorem - ANSTaxes levied based on property value
Additional Rent - ANS-Expenses escalations
-Common area operating expense charges
Amortizations - ANSThe systematic allocation of the cost of an intangible asset from the balance sheet to
an expense account on the cash basis income statement
Anniversary Index - ANSThe value of a dollar of rent adjusted for inflation using the Consumer Price
Index on each annual ;ease anniversary date
Asset - ANSAnything of value that is owned
Audit - ANSA form of review of an organization's financial records
Audit Option - ANSA statement concerning a company's financial records. A qualified opinion specifies
any reservations the auditor may have. An qualified opinion indicates that the auditor has no such
reservations. that the financial statements present fairly, in all material respects, the financial position of
the company and the results of its operations.
Audit Trail - ANSA record of every financial transaction associated with each property.
Average - ANSThe sum of numbers divided by the number of items
Balance sheet - ANSA statment of the financial position of a business entity at a particular point in time,
reflecting the accounting equation
Balance Sheet - ANSIs a statement of the balances within all of the assets, liabilities, and owner's equity
summary accounts
