Exam (elaborations)

BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly

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BOMI- Budgeting and Accounting

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BOMI- Budgeting And Accounting

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bomi budgeting and accounting final exam 2023 act

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BOMI- Budgeting and Accounting Final Exam 2023 Actual
Questions and Answers Solved Correctly
Which key components make up the bookkeeping process? (2)
recording and classifying transactions is known as bookkeeping.
Describe the roles filled by a accountant (3)
Accounting is a system of summarizing, interpreting, and communicating financial data.
What are the primary functions associated with accounting ? (4)
Accounting is the next step in the process. Accounting is the system of summarizing,
interpreting, and communicating financial data.
Specify functions incorporated in the budgeting process. (4)
Budgeting is the ongoing process of coordinating 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 most common to commercial real estate
management business (5)
revenue cycle and the expenditure cycle
What are the three summary account types ? (9)
assets, liabilities, and owner's equity—with each 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 to fundamental accounting equation ? (11-12)
liabilities 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
explain the relationship between the balance sheets and summary accounts (15)
The balance sheet is literally a statement of the balances, or amounts, within all of the
assets, liabilities, and owner's equity summary accounts of the business.
what are the generally accepted accounting principles ? (GAAP) (19)
Generally accepted accounting principles (GAAP) 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 authoritative standards (set by policy boards), as well
as commonly accepted ways of recording and reporting accounting information.
These standards are codified by the Financial Accounting Standards Board (FASB).
What are international accounting standards ?(19)
Standards established and maintained by the International Accounting Standards
Board, that are used by multi national companies
What are internal reporting needs common to the real property industry?(20)
property industry internal reporting includes , tenant collections, vendor payments, and
monthly operating results.

,Describe standard financial statements that businesses use? (20)
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, resulting in net income or net loss for the period.
What are common accounting methods used for recording financial
transactions ? (21)
Accounting and financial reports can be prepared on a cash, accrual, or modified
accrual (also known 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.
Explain accounting control strategies as they are used in real estate. (22)
control strategies place to detect fraud or theft but are primarily put in place to avoid
human error. strategies to avoid missed cash collection, or conversely excessive
outflows that deplete an owners cash. These include, collections, costs controls
Scenario - Chapter 1. Harold, an experienced finances manager for Beach
Properties, hired Janet and is reviewing the various aspects of budgeting and
accounting that she will need to understand and perform.
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 budgeting and accounting 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 additional training and support.
"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
b. bookkeeping
To the degree you are able to assume the role of accountant, Harold informs
Janet, you'll engage in many more functions. However you will not be responsible
for ....Blank ... Financial data
B. memorizing
If Janet performs an accounting function, she will.. blank...financial data.
a. classify
b. identify
c. interpret
d. record
c. interpret
remember Janet, that when we create our budget, we make a plan for the
financing expenditures in the ...Blank..., says Harold
d. next year
At lunch, Janet tells a friend that some of the job functions she will be performing
include acquiring property, paying for it, and reporting on what is acquired and
paid for. "Oh," her friend correctly notes, "then you'll be involved in

,the....BLANK..cycle of accounting."
a. asset
b. control
c. revenue
d. expenditure
d. expenditure
When Janet "balances the books" (or the summary accounts), she will basically
be dealing with:
a. assets, liabilities, and owner's equity.
b. tax planning, revenues, and liabilities.
c. liabilities, budgets, and owner's equity.
d. owner's equity, capital, and tax planning.
a. assets, liabilities, and owner's equity
Janet," asks Harold, "if the company takes out a loan to make capital purchases,
how would you record this?" To be correct, Janet should record the money
received as a________in Assets and as a__ in Liabilities.
a. debit; debit
b. debit; credit
c. credit; debit
d. credit; credit
b. debit; credit
Day after day, Janet records debits and credits for each entry to the balance
sheet. This pro-
cess is referred to as accounting.
a. single-pass
b. double-pass
c. single-entry
d. double-entry
d. double-entry
The common set of accounting principles, standards, and procedures that Janet
uses to record accounting data and compile the company's financial statements
is known as:
a. ASC.
b. GAAP.
c. IFRS.
d. SPF.
b. GAAP.
If we grow to the point where we become a large multinational company doing
busi¬ness in many countries, what set of accounting principles, standards, and
procedures will we use?" asks Janet. "Well then," Harold responds, "in that case,
we'll have to use the
a. ASC
b. GAAP
c. IFRS
d. SPF
c. IFRS

, Over coffee, Harold correctly informs Janet that a .Blank...building-by-building
comparison of actual operating income and expenses against the budget is used
to deter¬mine the success of the property manager in meeting operating plans.
a. daily
b. weekly
c. monthly
d. yearly
c. monthly
Janet, if I want to know what monies have been earned, but not yet received, by
the company, what standard financial statement would I consult?" Janet
responds quickly and
accurately, "You would want to examine the statement."
a. income
b. cash flow
c. accounts payable
d. accounts receivable
d. accounts receivable
For now, Harold has Janet prepare financial reports on a(n) basis, as it is the
most basic method.
a. accrual
b. cash
c. modified accrual
d. modified cash
b. cash
Harold will soon be introducing Janet to accounting, or internal, controls that
maximize cash income and minimize cash outflows. In particular, she will have to
learn how to help the company avoid the most common error in properly
administering tenant leases, which is:
a. offering lease rates at below-market value.
b. not using smartphone apps for lease payments.
c. overlooking charges that are properly billable to the tenant.
d. delaying the filing of annual forms with the proper governmental authorities.
c. overlooking charges that are properly billable to the tenant.
Chapter 2
Chapter 2
In what practical ways do building professionals use records ? ( 2-3_)
accurate data is what allows stakeholders to take raw data and convert it into useful
information from which final decisions can be made. these records are required for
compliance with tax and legal requirements
Explain the practice of checks and balances . (4)
procedures put in place to ensure to different individuals perform different roles and
functions help ensure checks and balances. those who authorize payments, should not
be the same people who issue checks or mail them
Describe the purpose of a chart of accounts , as well as its components . (8-9)

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Exam (elaborations)

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