BOMI- Budgeting and Accounting 2024-25.
Questions and Correct, Verified Answers.
Graded A+
- ANSChapter 1- older version
-what are the services required, which can be eliminated, what needs to be added, has occupancy
changed , what's include din lease agreements - ANSthen determine upcoming contracts for the next
year
. As property manager, Rudy approves invoices for payment, but he knows that some
invoices, such as an invoice for ..blank.., will require approval from the owners. - ANSa. new carpeting for
a 20,000-square-foot unit
b. one new desk chair for the management office
c. salt for treating the parking lot before impending snow
d fire extinguisher inspection services.
. If Zelda uses the BOMA Chart of Accounts, she should understand that the level that
reflects the functional categories of building operations is the ..blank..level. - ANSa. first
b. second
c. third
d. fourth
. Sheila works hard to ensure that spaces are vacant for as little time as possible. She also makes sure
that the expense caps written into the leases are generally higher than what the tenants may prefer.
Both of these efforts help to lessen the difference - ANSbetween recoverable operating expenses and
actual operating expenses. This difference is known as:
a. attenuation.
b. drawdown.
c. liability.
,d. slippage.
. While Kevin is satisfied with the quality of the service provided by the cleaning ven-dors, he is
concerned about the cost. He therefore is going to submit RFPs to various cleaning vendors. It is
generally recommended that RFPs be delivered to no more than - ANSvendors to ensure proper
consideration.
a. one or two
b. three to five
c. six to eight
d. nine to 12
"Janet, your main job function for the next few months will be to record and classify transactions" says
Harold. "In other words, you will be performing the process of..Blank..
a. accounting b. bookkeeping
c. budgeting d. financing - ANSb. bookkeeping
(Fill in the blank) Property and facility managers should have a (an)_________ system to remind them of
key deadlines and filing dates.
a) management
b) audit trail
c) delinquency
d) tickler - ANSd) tickler
1. Cory meets frequently with the senior management of Western Properties to learn what objectives
ownership has with regard to capital improvements. Regardless of the specifics, capital improvement
objectives should strive to: - ANSa. increase income and/or reduce expenses.
b. motivate employees to the highest possible extent.
c. facilitate negotiations with governmental authorities.
d. eliminate competition and/or improve positioning.
1. In the process of bank reconciliation, Douglas can fully expect the bank's property records
,to contain a record of each cash receipt and..blank.. of the property during the
month. - ANSa. disbursement
b. interest
c. investment
d. reversal
1. Jennifer is a typical owner in terms of her requirements for budget reporting frequency.
This means that she would expect the budget to reflect all expenses on a basis. - ANSa. daily
b. weekly
c. monthly
d. yearly
1. Rudy meets with the finance office staff to learn the various costs of operating the mall.
He categorizes all the costs into their appropriate categories. Costs such as grounds maintenance are
properly categorized as costs. - ANSa. fixed
b. semi-fixed
c. variable
d. semi-variable
2. Does the cash basis income statement reflect any inappropriately coded or inaccurate presentations of
income or expense activity - ANS3. does the cash balance income statement tell the owner exactly what
occurred in the financial operations of the building for the month
2. If the property accounting staff forgot to record any receipts, the bank balance will be...blank..than the
property's balance. Likewise, if the staff failed to account for bank service charges, the bank balance will
be..blank..than the property's balance. - ANSa. lower; lower
b. lower; higher
c. higher; lower
d. higher; higher
, 2. When setting aside cash reserves for future projects, the ownership of Western Properties
can enjoy the benefits of..blank.. , which is the earning of interest not only on principal, but also on the
interest accrued. - ANSa. arbitrage
b. compounding
c. diversifying
d. margins
3. As the most significant source of cash at any commercial building is rent, Douglas must work with the
accounting staff to ensure that rent payments received, reimbursements, security deposits, and other
collections are reflected in the: - ANSa. income statement.
b. payable summary report.
c. receivable summary report.
d. statement of retained earnings.
3. employers F.I.C.A - percentage gross wages set by the federal government - ANS4. Workers
compensation and health insurance , based on insurance rates provided by employers insurance carrier
3. identify a success ratio in obtaining renewals for lease expiring during the year - ANS4. quantify leasing
efforts needed to market vacant space
3. In discussing possible projects and investment for the capital budget, Cory must engage in
the process of discounting; that is, the determination of the ..blank..value of an investment based on
expected future cash flows. - ANSa. past
b. present
c. mean
d. projected
3. review engagement - the auditor cannot formulate an opinion because of an exclusion of a material
auditing step - ANS
4. Douglas discovers that contrary to standard practice, the...blank., which gives a detailed summary of
all cash disbursements, is not organized by check number. - ANSa. income register
Questions and Correct, Verified Answers.
Graded A+
- ANSChapter 1- older version
-what are the services required, which can be eliminated, what needs to be added, has occupancy
changed , what's include din lease agreements - ANSthen determine upcoming contracts for the next
year
. As property manager, Rudy approves invoices for payment, but he knows that some
invoices, such as an invoice for ..blank.., will require approval from the owners. - ANSa. new carpeting for
a 20,000-square-foot unit
b. one new desk chair for the management office
c. salt for treating the parking lot before impending snow
d fire extinguisher inspection services.
. If Zelda uses the BOMA Chart of Accounts, she should understand that the level that
reflects the functional categories of building operations is the ..blank..level. - ANSa. first
b. second
c. third
d. fourth
. Sheila works hard to ensure that spaces are vacant for as little time as possible. She also makes sure
that the expense caps written into the leases are generally higher than what the tenants may prefer.
Both of these efforts help to lessen the difference - ANSbetween recoverable operating expenses and
actual operating expenses. This difference is known as:
a. attenuation.
b. drawdown.
c. liability.
,d. slippage.
. While Kevin is satisfied with the quality of the service provided by the cleaning ven-dors, he is
concerned about the cost. He therefore is going to submit RFPs to various cleaning vendors. It is
generally recommended that RFPs be delivered to no more than - ANSvendors to ensure proper
consideration.
a. one or two
b. three to five
c. six to eight
d. nine to 12
"Janet, your main job function for the next few months will be to record and classify transactions" says
Harold. "In other words, you will be performing the process of..Blank..
a. accounting b. bookkeeping
c. budgeting d. financing - ANSb. bookkeeping
(Fill in the blank) Property and facility managers should have a (an)_________ system to remind them of
key deadlines and filing dates.
a) management
b) audit trail
c) delinquency
d) tickler - ANSd) tickler
1. Cory meets frequently with the senior management of Western Properties to learn what objectives
ownership has with regard to capital improvements. Regardless of the specifics, capital improvement
objectives should strive to: - ANSa. increase income and/or reduce expenses.
b. motivate employees to the highest possible extent.
c. facilitate negotiations with governmental authorities.
d. eliminate competition and/or improve positioning.
1. In the process of bank reconciliation, Douglas can fully expect the bank's property records
,to contain a record of each cash receipt and..blank.. of the property during the
month. - ANSa. disbursement
b. interest
c. investment
d. reversal
1. Jennifer is a typical owner in terms of her requirements for budget reporting frequency.
This means that she would expect the budget to reflect all expenses on a basis. - ANSa. daily
b. weekly
c. monthly
d. yearly
1. Rudy meets with the finance office staff to learn the various costs of operating the mall.
He categorizes all the costs into their appropriate categories. Costs such as grounds maintenance are
properly categorized as costs. - ANSa. fixed
b. semi-fixed
c. variable
d. semi-variable
2. Does the cash basis income statement reflect any inappropriately coded or inaccurate presentations of
income or expense activity - ANS3. does the cash balance income statement tell the owner exactly what
occurred in the financial operations of the building for the month
2. If the property accounting staff forgot to record any receipts, the bank balance will be...blank..than the
property's balance. Likewise, if the staff failed to account for bank service charges, the bank balance will
be..blank..than the property's balance. - ANSa. lower; lower
b. lower; higher
c. higher; lower
d. higher; higher
, 2. When setting aside cash reserves for future projects, the ownership of Western Properties
can enjoy the benefits of..blank.. , which is the earning of interest not only on principal, but also on the
interest accrued. - ANSa. arbitrage
b. compounding
c. diversifying
d. margins
3. As the most significant source of cash at any commercial building is rent, Douglas must work with the
accounting staff to ensure that rent payments received, reimbursements, security deposits, and other
collections are reflected in the: - ANSa. income statement.
b. payable summary report.
c. receivable summary report.
d. statement of retained earnings.
3. employers F.I.C.A - percentage gross wages set by the federal government - ANS4. Workers
compensation and health insurance , based on insurance rates provided by employers insurance carrier
3. identify a success ratio in obtaining renewals for lease expiring during the year - ANS4. quantify leasing
efforts needed to market vacant space
3. In discussing possible projects and investment for the capital budget, Cory must engage in
the process of discounting; that is, the determination of the ..blank..value of an investment based on
expected future cash flows. - ANSa. past
b. present
c. mean
d. projected
3. review engagement - the auditor cannot formulate an opinion because of an exclusion of a material
auditing step - ANS
4. Douglas discovers that contrary to standard practice, the...blank., which gives a detailed summary of
all cash disbursements, is not organized by check number. - ANSa. income register
