BOMI: BUDGETING & ACCOUNTING
ASSESSMENT EXAMS WITH CORRECT
QUESTIONS AND ANSWERS.
Accounting Equation - CORRECT ANSWERS✔️✔A
️ ssets = Liabilities + Owner's Equity
Assets - Liabilities = Owner's Equity
Bookkeeping - CORRECT ANSWERS✔️✔️Process of recording and classifying transactions
Accountants Role - CORRECT ANSWERS✔️✔S️ upport managers by processing, controlling, and
reporting accounting data. Deliver accurate, meaningful, and timely financial reports.
Accounting - CORRECT ANSWERS✔️✔A ️ uniform and consistent system where financial data is:
interpreted, summarized, and communicated.
Budgeting - CORRECT ANSWERS✔️✔️The ongoing process of coordinating resources and expenditures
The budgeting process is comprised of: - CORRECT ANSWERS✔️✔F️ uture projections, analysis of the
past, and benchmarking.
Financial Analysis - CORRECT ANSWERS✔️✔️Interpretation of bookkeeping, budgeting, and accounting
with a look to the past but also the future.
Accounting Cycle - CORRECT ANSWERS✔️✔️Consists of Similar economic events that are conveted into
related types of transactions and processed through the system in similar ways.
Revenue Cycle - CORRECT ANSWERS✔️✔️Exchange of prpoduce for cash
,Expenditure Cycle - CORRECT ANSWERS✔️✔️
Account - CORRECT ANSWERS✔️✔H
️ ow we classify something
Balance Sheet Consists of - CORRECT ANSWERS✔️✔️Assets, liabilities, and owner's equity
Balance Sheet - CORRECT ANSWERS✔️✔️Is a statement of the balances within all of the assets,
liabilities, and owner's equity summary accounts
Fundamental Accounting Equation - CORRECT ANSWERS✔️✔️Provides demonstration of the balance
that is required between the assets, liabilities, and owner's equity summary accounts
GAAP - CORRECT ANSWERS✔️✔️Generally Accepted Accounting Principles. Common set of accounting
principles standards, and procedures. Codified by the Financial Accounting Standards Board
International Financial Reporting Standartds - CORRECT ANSWERS✔️✔️Established and maintained by
the International Accounting Standards Board. Used by many multinational companies in the US and
Canada.
Internal Reporting - CORRECT ANSWERS✔️✔️Numerous activities must be monitored and reported to
properly mange real property such as: tenant collections, vendor payments, and monthly operating
results.
External Reporting - CORRECT ANSWERS✔️✔️Income Statement
Balance Sheet
Cash Flow Statement
Cash Flow Statement - CORRECT ANSWERS✔️✔D
️ escribes the changes in cash from one period to the
next
, Cash Method of Reporting - CORRECT ANSWERS✔️✔️Income & expenses are recorded only when they
are received or paid out. This is the most basic form and has a core focus on the actual timing of both
cash received and cash dispersed
Accrual Basis Accounting - CORRECT ANSWERS✔️✔️Records revenues and expenditures related to the
period for which they are applicable, when earned, whether or not cash has been transferred. More
sophiciasted. GAAP.
Modified Accrual Accounting - CORRECT ANSWERS✔️✔️Both accrual and cash methods are used.
Accounting Controls - CORRECT ANSWERS✔️✔️- 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
Abatement - CORRECT ANSWERS✔️✔️Free rent used as an incentive for prospective tenants.
Absolute Net Lease - CORRECT ANSWERS✔️✔️All 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) - CORRECT ANSWERS✔️✔️Prescribed 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 - CORRECT ANSWERS✔️✔A ️ n individual record of information and transactions related to each
asset of liability and to each aspect of owner's responsibility.
Accounting - CORRECT ANSWERS✔️✔T️ he system of summarizing, interpreting, and communicating
financial data.
Accounting Concepts - CORRECT ANSWERS✔️✔T️ he global assumptions regarding the framework in
which the entity operates
ASSESSMENT EXAMS WITH CORRECT
QUESTIONS AND ANSWERS.
Accounting Equation - CORRECT ANSWERS✔️✔A
️ ssets = Liabilities + Owner's Equity
Assets - Liabilities = Owner's Equity
Bookkeeping - CORRECT ANSWERS✔️✔️Process of recording and classifying transactions
Accountants Role - CORRECT ANSWERS✔️✔S️ upport managers by processing, controlling, and
reporting accounting data. Deliver accurate, meaningful, and timely financial reports.
Accounting - CORRECT ANSWERS✔️✔A ️ uniform and consistent system where financial data is:
interpreted, summarized, and communicated.
Budgeting - CORRECT ANSWERS✔️✔️The ongoing process of coordinating resources and expenditures
The budgeting process is comprised of: - CORRECT ANSWERS✔️✔F️ uture projections, analysis of the
past, and benchmarking.
Financial Analysis - CORRECT ANSWERS✔️✔️Interpretation of bookkeeping, budgeting, and accounting
with a look to the past but also the future.
Accounting Cycle - CORRECT ANSWERS✔️✔️Consists of Similar economic events that are conveted into
related types of transactions and processed through the system in similar ways.
Revenue Cycle - CORRECT ANSWERS✔️✔️Exchange of prpoduce for cash
,Expenditure Cycle - CORRECT ANSWERS✔️✔️
Account - CORRECT ANSWERS✔️✔H
️ ow we classify something
Balance Sheet Consists of - CORRECT ANSWERS✔️✔️Assets, liabilities, and owner's equity
Balance Sheet - CORRECT ANSWERS✔️✔️Is a statement of the balances within all of the assets,
liabilities, and owner's equity summary accounts
Fundamental Accounting Equation - CORRECT ANSWERS✔️✔️Provides demonstration of the balance
that is required between the assets, liabilities, and owner's equity summary accounts
GAAP - CORRECT ANSWERS✔️✔️Generally Accepted Accounting Principles. Common set of accounting
principles standards, and procedures. Codified by the Financial Accounting Standards Board
International Financial Reporting Standartds - CORRECT ANSWERS✔️✔️Established and maintained by
the International Accounting Standards Board. Used by many multinational companies in the US and
Canada.
Internal Reporting - CORRECT ANSWERS✔️✔️Numerous activities must be monitored and reported to
properly mange real property such as: tenant collections, vendor payments, and monthly operating
results.
External Reporting - CORRECT ANSWERS✔️✔️Income Statement
Balance Sheet
Cash Flow Statement
Cash Flow Statement - CORRECT ANSWERS✔️✔D
️ escribes the changes in cash from one period to the
next
, Cash Method of Reporting - CORRECT ANSWERS✔️✔️Income & expenses are recorded only when they
are received or paid out. This is the most basic form and has a core focus on the actual timing of both
cash received and cash dispersed
Accrual Basis Accounting - CORRECT ANSWERS✔️✔️Records revenues and expenditures related to the
period for which they are applicable, when earned, whether or not cash has been transferred. More
sophiciasted. GAAP.
Modified Accrual Accounting - CORRECT ANSWERS✔️✔️Both accrual and cash methods are used.
Accounting Controls - CORRECT ANSWERS✔️✔️- 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
Abatement - CORRECT ANSWERS✔️✔️Free rent used as an incentive for prospective tenants.
Absolute Net Lease - CORRECT ANSWERS✔️✔️All 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) - CORRECT ANSWERS✔️✔️Prescribed 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 - CORRECT ANSWERS✔️✔A ️ n individual record of information and transactions related to each
asset of liability and to each aspect of owner's responsibility.
Accounting - CORRECT ANSWERS✔️✔T️ he system of summarizing, interpreting, and communicating
financial data.
Accounting Concepts - CORRECT ANSWERS✔️✔T️ he global assumptions regarding the framework in
which the entity operates
