BOMI- Budge ng and Accoun ng With 546 Ques ons
and answers Newest RATED A+ 2025/2026
Which key components make up the bookkeeping process? (2) - Correct Answers recording
and classifying transac ons is known as bookkeeping.
Describe the roles filled by a accountant (3) - Correct Answers Accoun ng is a system of
summarizing, interpre ng, and communica ng financial data.
What are the primary func ons associated with accoun ng ? (4) - Correct Answers
Accoun ng is the next step in the process. Accoun ng is the system of summarizing,
interpre ng, and communica ng financial data.
Specify func ons incorporated in the budge ng process. (4) - Correct Answers Budge ng is
the ongoing process of coordina ng resources and expenditures. Through this process, a plan is
created with research and data as the founda on.
The budget reflects the priori es of the business and the resources needed to accomplish
them. - Correct Answers
Describe the accoun ng cycle types most common to commercial real estate management
business (5) - Correct Answers revenue cycle and the expenditure cycle
What are the three summary account types ? (9) - Correct Answers assets, liabili es, and
owner's equity—with each other as they increase and decrease with debits and credits.
On the balance sheet, assets, liabili es, and owner's equity show the current status of the
finances of the business or the building. - Correct Answers
,How are debits and credits applied to fundamental accoun ng equa on ? (11-12) - Correct
Answers liabili es and owner's equity normally have a credit balance
a credit entry will increase the liability or owner's equity and a debit entry will decrease the
liability or owner's equity
assets -normally have a debit balance, a debit entry will increase the value of an asset, a credit
entry will decrease the value of an asset - Correct Answers
explain the rela onship between the balance sheets and summary accounts (15) - Correct
Answers The balance sheet is literally a statement of the balances, or amounts, within all of
the assets, liabili es, and owner's equity summary accounts of the business.
what are the generally accepted accoun ng principles ? (GAAP) (19) - Correct Answers
Generally accepted accoun ng principles (GAAP) are a common set of accoun ng principles,
standards, and procedures that companies use to record accoun ng data and compile their
financial statements.
GAAP is a combina on of authorita ve standards (set by policy boards), as well as commonly
accepted ways of recording and repor ng accoun ng informa on. - Correct Answers These
standards are codified by the Financial Accoun ng Standards Board (FASB).
What are interna onal accoun ng standards ?(19) - Correct Answers Standards established
and maintained by the Interna onal Accoun ng Standards Board, that are used by mul
na onal companies
What are internal repor ng needs common to the real property industry?(20) - Correct
Answers property industry internal repor ng includes , tenant collec ons, vendor payments,
and monthly opera ng results.
Describe standard financial statements that businesses use? (20) - Correct Answers These
financial statements consist of an income statements, a balance sheet, and a statement of cash
,flows.The income statement shows revenues earned and expenses incurred in earning those
revenues, resul ng in net income or net loss for the period.
What are common accoun ng methods used for recording financial transac ons ? (21) -
Correct Answers Accoun ng and financial reports can be prepared on a cash, accrual, or
modified accrual (also known as hybrid) accoun ng basis.
When the cash method is used, income and expenses are recorded only when they are
received or paid out. This form of accoun ng is the most basic and has a cote focus on the
actual ming of both cash received and cash dispersed. - Correct Answers
Explain accoun ng control strategies as they are used in real estate. (22) - Correct Answers
control strategies place to detect fraud or the; but are primarily put in place to avoid human
error. strategies to avoid missed cash collec on, or conversely excessive ou<lows that deplete
an owners cash. These include, collec ons, costs controls
Scenario - Chapter 1. Harold, an experienced finances manager for Beach Proper es, hired
Janet and is reviewing the various aspects of budge ng and accoun ng that she will need to
understand and perform. - Correct Answers Although she majored in finance at the local
college, she lacks real world experience. As Harold works with her over the next few weeks, he
will seek to gauge her level of understanding of budge ng and accoun ng fundamentals.
He will also have her perform some basic tasks. To the degree that she succeeds, she will move
on to more important and complicated projects. To the degree that she fails, Harold will provide
addi onal training and support. - Correct Answers
"Janet, your main job func on for the next few months will be to record and classify
transac ons" says Harold. "In other words, you will be performing the process of..Blank..
a. accoun ng b. bookkeeping
c. budge ng d. financing - Correct Answers b. bookkeeping
, To the degree you are able to assume the role of accountant, Harold informs Janet, you'll
engage in many more func ons. However you will not be responsible for ....Blank ... Financial
data - Correct Answers B. memorizing
If Janet performs an accoun ng func on, she will.. blank...financial data.
a. classify
b. iden fy
c. interpret
d. record - Correct Answers c. interpret
remember Janet, that when we create our budget, we make a plan for the financing
expenditures in the ...Blank..., says Harold - Correct Answers d. next year
At lunch, Janet tells a friend that some of the job func ons she will be performing include
acquiring property, paying for it, and repor ng on what is acquired and paid for. "Oh," her friend
correctly notes, "then you'll be involved in the....BLANK..cycle of accoun ng."
a. asset
b. control
c. revenue
d. expenditure - Correct Answers d. expenditure
When Janet "balances the books" (or the summary accounts), she will basically be dealing with:
a. assets, liabili es, and owner's equity.
b. tax planning, revenues, and liabili es.
c. liabili es, budgets, and owner's equity.
d. owner's equity, capital, and tax planning. - Correct Answers a. assets, liabili es, and owner's
equity
and answers Newest RATED A+ 2025/2026
Which key components make up the bookkeeping process? (2) - Correct Answers recording
and classifying transac ons is known as bookkeeping.
Describe the roles filled by a accountant (3) - Correct Answers Accoun ng is a system of
summarizing, interpre ng, and communica ng financial data.
What are the primary func ons associated with accoun ng ? (4) - Correct Answers
Accoun ng is the next step in the process. Accoun ng is the system of summarizing,
interpre ng, and communica ng financial data.
Specify func ons incorporated in the budge ng process. (4) - Correct Answers Budge ng is
the ongoing process of coordina ng resources and expenditures. Through this process, a plan is
created with research and data as the founda on.
The budget reflects the priori es of the business and the resources needed to accomplish
them. - Correct Answers
Describe the accoun ng cycle types most common to commercial real estate management
business (5) - Correct Answers revenue cycle and the expenditure cycle
What are the three summary account types ? (9) - Correct Answers assets, liabili es, and
owner's equity—with each other as they increase and decrease with debits and credits.
On the balance sheet, assets, liabili es, and owner's equity show the current status of the
finances of the business or the building. - Correct Answers
,How are debits and credits applied to fundamental accoun ng equa on ? (11-12) - Correct
Answers liabili es and owner's equity normally have a credit balance
a credit entry will increase the liability or owner's equity and a debit entry will decrease the
liability or owner's equity
assets -normally have a debit balance, a debit entry will increase the value of an asset, a credit
entry will decrease the value of an asset - Correct Answers
explain the rela onship between the balance sheets and summary accounts (15) - Correct
Answers The balance sheet is literally a statement of the balances, or amounts, within all of
the assets, liabili es, and owner's equity summary accounts of the business.
what are the generally accepted accoun ng principles ? (GAAP) (19) - Correct Answers
Generally accepted accoun ng principles (GAAP) are a common set of accoun ng principles,
standards, and procedures that companies use to record accoun ng data and compile their
financial statements.
GAAP is a combina on of authorita ve standards (set by policy boards), as well as commonly
accepted ways of recording and repor ng accoun ng informa on. - Correct Answers These
standards are codified by the Financial Accoun ng Standards Board (FASB).
What are interna onal accoun ng standards ?(19) - Correct Answers Standards established
and maintained by the Interna onal Accoun ng Standards Board, that are used by mul
na onal companies
What are internal repor ng needs common to the real property industry?(20) - Correct
Answers property industry internal repor ng includes , tenant collec ons, vendor payments,
and monthly opera ng results.
Describe standard financial statements that businesses use? (20) - Correct Answers These
financial statements consist of an income statements, a balance sheet, and a statement of cash
,flows.The income statement shows revenues earned and expenses incurred in earning those
revenues, resul ng in net income or net loss for the period.
What are common accoun ng methods used for recording financial transac ons ? (21) -
Correct Answers Accoun ng and financial reports can be prepared on a cash, accrual, or
modified accrual (also known as hybrid) accoun ng basis.
When the cash method is used, income and expenses are recorded only when they are
received or paid out. This form of accoun ng is the most basic and has a cote focus on the
actual ming of both cash received and cash dispersed. - Correct Answers
Explain accoun ng control strategies as they are used in real estate. (22) - Correct Answers
control strategies place to detect fraud or the; but are primarily put in place to avoid human
error. strategies to avoid missed cash collec on, or conversely excessive ou<lows that deplete
an owners cash. These include, collec ons, costs controls
Scenario - Chapter 1. Harold, an experienced finances manager for Beach Proper es, hired
Janet and is reviewing the various aspects of budge ng and accoun ng that she will need to
understand and perform. - Correct Answers Although she majored in finance at the local
college, she lacks real world experience. As Harold works with her over the next few weeks, he
will seek to gauge her level of understanding of budge ng and accoun ng fundamentals.
He will also have her perform some basic tasks. To the degree that she succeeds, she will move
on to more important and complicated projects. To the degree that she fails, Harold will provide
addi onal training and support. - Correct Answers
"Janet, your main job func on for the next few months will be to record and classify
transac ons" says Harold. "In other words, you will be performing the process of..Blank..
a. accoun ng b. bookkeeping
c. budge ng d. financing - Correct Answers b. bookkeeping
, To the degree you are able to assume the role of accountant, Harold informs Janet, you'll
engage in many more func ons. However you will not be responsible for ....Blank ... Financial
data - Correct Answers B. memorizing
If Janet performs an accoun ng func on, she will.. blank...financial data.
a. classify
b. iden fy
c. interpret
d. record - Correct Answers c. interpret
remember Janet, that when we create our budget, we make a plan for the financing
expenditures in the ...Blank..., says Harold - Correct Answers d. next year
At lunch, Janet tells a friend that some of the job func ons she will be performing include
acquiring property, paying for it, and repor ng on what is acquired and paid for. "Oh," her friend
correctly notes, "then you'll be involved in the....BLANK..cycle of accoun ng."
a. asset
b. control
c. revenue
d. expenditure - Correct Answers d. expenditure
When Janet "balances the books" (or the summary accounts), she will basically be dealing with:
a. assets, liabili es, and owner's equity.
b. tax planning, revenues, and liabili es.
c. liabili es, budgets, and owner's equity.
d. owner's equity, capital, and tax planning. - Correct Answers a. assets, liabili es, and owner's
equity
