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BOMI: Budgeting & Accounting (RPA Class) – Questions With Solutions
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BOMI: Budgeting & Accounting (RPA Class) – Questions With Solutions
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BOMI: Budgeting & Accounting (RPA Class) – QuestionsWith Solutions
Accounting Equation Right Ans - Assets = Liabilities + Owner's Equity
Assets - Liabilities = Owner's Equity
Bookkeeping Right Ans - Process of recording and classifying transactions
Accountants Role Right Ans - Support managers by processing, controlling,
and reporting accounting data. Deliver accurate, meaningful, and timely
financial reports.
Accounting Right Ans - A uniform and consistent system where financial
data is: interpreted, summarized, and communicated.
Budgeting Right Ans - The ongoing process of coordinating resources and
expenditures
The budgeting process is comprised of: Right Ans - Future projections,
analysis of the past, and benchmarking.
Financial Analysis Right Ans - Interpretation of bookkeeping, budgeting,
and accounting with a look to the past but also the future.
Accounting Cycle Right Ans - Consists of Similar economic events that are
conveted into related types of transactions and processed through the system
in similar ways.
Revenue Cycle Right Ans - Exchange of prpoduce for cash
Expenditure Cycle Right Ans -
Account Right Ans - How we classify something
Balance Sheet Consists of Right Ans - Assets, liabilities, and owner's equity
,Balance Sheet Right Ans - Is a statement of the balances within all of the
assets, liabilities, and owner's equity summary accounts
Fundamental Accounting Equation Right Ans - Provides demonstration of
the balance that is required between the assets, liabilities, and owner's equity
summary accounts
GAAP Right Ans - Generally Accepted Accounting Principles. Common set
of accounting principles standards, and procedures. Codified by the Financial
Accounting Standards Board
International Financial Reporting Standartds Right Ans - Established and
maintained by the International Accounting Standards Board. Used by many
multinational companies in the US and Canada.
Internal Reporting Right Ans - Numerous activities must be monitored and
reported to properly mange real property such as: tenant collections, vendor
payments, and monthly operating results.
External Reporting Right Ans - Income Statement
Balance Sheet
Cash Flow Statement
Cash Flow Statement Right Ans - Describes the changes in cash from one
period to the next
Cash Method of Reporting Right Ans - 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 Right Ans - 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 Right Ans - Both accrual and cash methods
are used.
Accounting Controls Right Ans - - 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 Right Ans - Free rent used as an incentive for prospective
tenants.
Absolute Net Lease Right Ans - 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) Right Ans - 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 Right Ans - An individual record of information and transactions
related to each asset of liability and to each aspect of owner's responsibility.
Accounting Right Ans - The system of summarizing, interpreting, and
communicating financial data.
Accounting Concepts Right Ans - The global assumptions regarding the
framework in which the entity operates
Accounting Controls Right Ans - Efforts to safeguard assets, assure
accurate and reliable accounting data, promote operational efficiency, adn
adhere to prescribed management policies (internal controls)
Accounting Cycles Right Ans - Similar economic events converted into
related types of transactions and processed through the system in similar
ways
Accounting Equation Right Ans - Assets = liabilities + owners equity
Accounts Payable Right Ans - -Debt owed to other businesses
-Recorded as labilities
Accounts Receivable Right Ans - -Money earned but not received
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