©SOPHIABENNETT
EXAM_SOLUTIONS GUARANTEED SUCCESS 2024/2025 ACADEMIC YEAR
©SOPHIABENNETT 9/3/24 2024/2025
, ©SOPHIABENNETT EXAM SOLUTIONS_2024/2025 Tuesday, September 3, 2024 10:30 AM
BOMI: Budgeting & Accounting Exam
Study Guide with Complete Solutions
Accounting Equation - Answer✔️✔️-Assets = Liabilities + Owner's Equity
Assets - Liabilities = Owner's Equity
Bookkeeping - Answer✔️✔️-Process of recording and classifying transactions
Accountants Role - Answer✔️✔️-Support managers by processing, controlling, and
reporting accounting data. Deliver accurate, meaningful, and timely financial reports.
Accounting - Answer✔️✔️-A uniform and consistent system where financial data is:
interpreted, summarized, and communicated.
Budgeting - Answer✔️✔️-The ongoing process of coordinating resources and
expenditures
The budgeting process is comprised of: - Answer✔️✔️-Future projections, analysis of the
past, and benchmarking.
Financial Analysis - Answer✔️✔️-Interpretation of bookkeeping, budgeting, and
accounting with a look to the past but also the future.
Accounting Cycle - Answer✔️✔️-Consists of Similar economic events that are conveted
into related types of transactions and processed through the system in similar ways.
Revenue Cycle - Answer✔️✔️-Exchange of prpoduce for cash
Expenditure Cycle - Answer✔️✔️-
Page | 1
, ©SOPHIABENNETT EXAM SOLUTIONS_2024/2025 Tuesday, September 3, 2024 10:30 AM
Account - Answer✔️✔️-How we classify something
Balance Sheet Consists of - Answer✔️✔️-Assets, liabilities, and owner's equity
Balance Sheet - Answer✔️✔️-Is a statement of the balances within all of the assets,
liabilities, and owner's equity summary accounts
Fundamental Accounting Equation - Answer✔️✔️-Provides demonstration of the balance
that is required between the assets, liabilities, and owner's equity summary accounts
GAAP - Answer✔️✔️-Generally Accepted Accounting Principles. Common set of
accounting principles standards, and procedures. Codified by the Financial Accounting
Standards Board
International Financial Reporting Standartds - Answer✔️✔️-Established and maintained
by the International Accounting Standards Board. Used by many multinational
companies in the US and Canada.
Internal Reporting - Answer✔️✔️-Numerous activities must be monitored and reported to
properly mange real property such as: tenant collections, vendor payments, and
monthly operating results.
External Reporting - Answer✔️✔️-Income Statement
Balance Sheet
Cash Flow Statement
Cash Flow Statement - Answer✔️✔️-Describes the changes in cash from one period to
the next
Page | 2
EXAM_SOLUTIONS GUARANTEED SUCCESS 2024/2025 ACADEMIC YEAR
©SOPHIABENNETT 9/3/24 2024/2025
, ©SOPHIABENNETT EXAM SOLUTIONS_2024/2025 Tuesday, September 3, 2024 10:30 AM
BOMI: Budgeting & Accounting Exam
Study Guide with Complete Solutions
Accounting Equation - Answer✔️✔️-Assets = Liabilities + Owner's Equity
Assets - Liabilities = Owner's Equity
Bookkeeping - Answer✔️✔️-Process of recording and classifying transactions
Accountants Role - Answer✔️✔️-Support managers by processing, controlling, and
reporting accounting data. Deliver accurate, meaningful, and timely financial reports.
Accounting - Answer✔️✔️-A uniform and consistent system where financial data is:
interpreted, summarized, and communicated.
Budgeting - Answer✔️✔️-The ongoing process of coordinating resources and
expenditures
The budgeting process is comprised of: - Answer✔️✔️-Future projections, analysis of the
past, and benchmarking.
Financial Analysis - Answer✔️✔️-Interpretation of bookkeeping, budgeting, and
accounting with a look to the past but also the future.
Accounting Cycle - Answer✔️✔️-Consists of Similar economic events that are conveted
into related types of transactions and processed through the system in similar ways.
Revenue Cycle - Answer✔️✔️-Exchange of prpoduce for cash
Expenditure Cycle - Answer✔️✔️-
Page | 1
, ©SOPHIABENNETT EXAM SOLUTIONS_2024/2025 Tuesday, September 3, 2024 10:30 AM
Account - Answer✔️✔️-How we classify something
Balance Sheet Consists of - Answer✔️✔️-Assets, liabilities, and owner's equity
Balance Sheet - Answer✔️✔️-Is a statement of the balances within all of the assets,
liabilities, and owner's equity summary accounts
Fundamental Accounting Equation - Answer✔️✔️-Provides demonstration of the balance
that is required between the assets, liabilities, and owner's equity summary accounts
GAAP - Answer✔️✔️-Generally Accepted Accounting Principles. Common set of
accounting principles standards, and procedures. Codified by the Financial Accounting
Standards Board
International Financial Reporting Standartds - Answer✔️✔️-Established and maintained
by the International Accounting Standards Board. Used by many multinational
companies in the US and Canada.
Internal Reporting - Answer✔️✔️-Numerous activities must be monitored and reported to
properly mange real property such as: tenant collections, vendor payments, and
monthly operating results.
External Reporting - Answer✔️✔️-Income Statement
Balance Sheet
Cash Flow Statement
Cash Flow Statement - Answer✔️✔️-Describes the changes in cash from one period to
the next
Page | 2
