BOMI- Budgeting and Accounting/Guide 2027:
Practice Questions & Answers Exam
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Terms in this set (546)
Which key components make up the recording and classifying transactions is known as
bookkeeping process? (2) bookkeeping.
Describe the roles filled by a Accounting is a system of summarizing,
accountant (3) interpreting, and communicating financial data.
What are the primary functions Accounting is the next step in the process.
associated with accounting ? (4) Accounting is the system of summarizing,
interpreting, and communicating financial data.
Specify functions incorporated in the Budgeting is the ongoing process of coordinating
budgeting process. (4) resources and expenditures. Through this process,
a plan is created with research and data as the
foundation.
The budget reflects the priorities of
the business and the resources
needed to accomplish them.
Describe the accounting cycle types revenue cycle and the expenditure cycle
most common to commercial real
estate management business (5)
,What are the three summary account assets, liabilities, and owner's equity—with each
types ? (9) other as they increase and decrease with debits
and credits.
On the balance sheet, assets,
liabilities, and owner's equity show
the current status of the finances of
the business or the building.
How are debits and credits applied liabilities and owner's equity normally have a credit
to fundamental accounting equation balance
? (11-12) 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
explain the relationship between the The balance sheet is literally a statement of the
balance sheets and summary balances, or amounts, within all of the assets,
accounts (15) liabilities, and owner's equity summary accounts of
the business.
what are the generally accepted Generally accepted accounting principles (GAAP)
accounting principles ? (GAAP) (19) are a common set of accounting principles,
standards, and procedures that companies use to
record accounting data and compile their financial
statements.
, GAAP is a combination of These standards are codified by the Financial
authoritative standards (set by policy Accounting Standards Board (FASB).
boards), as well as commonly
accepted ways of recording and
reporting accounting information.
What are international accounting Standards established and maintained by the
standards ?(19) International Accounting Standards Board, that are
used by multi national companies
What are internal reporting needs property industry internal reporting includes ,
common to the real property tenant collections, vendor payments, and monthly
industry?(20) operating results.
Describe standard financial These financial statements consist of an income
statements that businesses use? (20) statements, a balance sheet, and a statement of
cash flows.The income statement shows revenues
earned and expenses incurred in earning those
revenues, resulting in net income or net loss for the
period.
What are common accounting Accounting and financial reports can be prepared
methods used for recording financial on a cash, accrual, or modified accrual (also known
transactions ? (21) as hybrid) accounting basis.
When the cash method is used,
income and expenses are recorded
only when they are received or paid
out. This form of accounting is the
most basic and has a cote focus on
the actual timing of both cash
received and cash dispersed.
Practice Questions & Answers Exam
Save
Terms in this set (546)
Which key components make up the recording and classifying transactions is known as
bookkeeping process? (2) bookkeeping.
Describe the roles filled by a Accounting is a system of summarizing,
accountant (3) interpreting, and communicating financial data.
What are the primary functions Accounting is the next step in the process.
associated with accounting ? (4) Accounting is the system of summarizing,
interpreting, and communicating financial data.
Specify functions incorporated in the Budgeting is the ongoing process of coordinating
budgeting process. (4) resources and expenditures. Through this process,
a plan is created with research and data as the
foundation.
The budget reflects the priorities of
the business and the resources
needed to accomplish them.
Describe the accounting cycle types revenue cycle and the expenditure cycle
most common to commercial real
estate management business (5)
,What are the three summary account assets, liabilities, and owner's equity—with each
types ? (9) other as they increase and decrease with debits
and credits.
On the balance sheet, assets,
liabilities, and owner's equity show
the current status of the finances of
the business or the building.
How are debits and credits applied liabilities and owner's equity normally have a credit
to fundamental accounting equation balance
? (11-12) 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
explain the relationship between the The balance sheet is literally a statement of the
balance sheets and summary balances, or amounts, within all of the assets,
accounts (15) liabilities, and owner's equity summary accounts of
the business.
what are the generally accepted Generally accepted accounting principles (GAAP)
accounting principles ? (GAAP) (19) are a common set of accounting principles,
standards, and procedures that companies use to
record accounting data and compile their financial
statements.
, GAAP is a combination of These standards are codified by the Financial
authoritative standards (set by policy Accounting Standards Board (FASB).
boards), as well as commonly
accepted ways of recording and
reporting accounting information.
What are international accounting Standards established and maintained by the
standards ?(19) International Accounting Standards Board, that are
used by multi national companies
What are internal reporting needs property industry internal reporting includes ,
common to the real property tenant collections, vendor payments, and monthly
industry?(20) operating results.
Describe standard financial These financial statements consist of an income
statements that businesses use? (20) statements, a balance sheet, and a statement of
cash flows.The income statement shows revenues
earned and expenses incurred in earning those
revenues, resulting in net income or net loss for the
period.
What are common accounting Accounting and financial reports can be prepared
methods used for recording financial on a cash, accrual, or modified accrual (also known
transactions ? (21) as hybrid) accounting basis.
When the cash method is used,
income and expenses are recorded
only when they are received or paid
out. This form of accounting is the
most basic and has a cote focus on
the actual timing of both cash
received and cash dispersed.
