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BOMI: Budgeting & Accounting; Questions and Answers 100% Solved $14.89   Add to cart

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BOMI: Budgeting & Accounting; Questions and Answers 100% Solved

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BOMI: Budgeting & Accounting; Questions and Answers 100% Solved Accounting Equation Correct answer-Assets = Liabilities + Owner's Equity Assets - Liabilities = Owner's Equity Bookkeeping Correct answer-Process of recording and classifying transactions Accountants Role Correct answer-Support...

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  • August 24, 2024
  • 47
  • 2024/2025
  • Exam (elaborations)
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  • BOMI
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BOMI: Budgeting & Accounting; Questions and
Answers 100% Solved
Accounting Equation Correct answer-Assets = Liabilities + Owner's Equity


Assets - Liabilities = Owner's Equity




Bookkeeping Correct answer-Process of recording and classifying

transactions




Accountants Role Correct answer-Support managers by processing,

controlling, and reporting accounting data. Deliver accurate, meaningful, and

timely financial reports.




Accounting Correct answer-A uniform and consistent system where

financial data is: interpreted, summarized, and communicated.




Budgeting Correct answer-The ongoing process of coordinating resources

and expenditures

,BOMI: Budgeting & Accounting; Questions and
Answers 100% Solved


The budgeting process is comprised of: Correct answer-Future

projections, analysis of the past, and benchmarking.




Financial Analysis Correct answer-Interpretation of bookkeeping,

budgeting, and accounting with a look to the past but also the future.




Accounting Cycle Correct answer-Consists of Similar economic events that

are conveted into related types of transactions and processed through the

system in similar ways.




Revenue Cycle Correct answer-Exchange of prpoduce for cash




Expenditure Cycle Correct answer-

,BOMI: Budgeting & Accounting; Questions and
Answers 100% Solved
Account Correct answer-How we classify something




Balance Sheet Consists of Correct answer-Assets, liabilities, and owner's

equity




Balance Sheet Correct answer-Is a statement of the balances within all of

the assets, liabilities, and owner's equity summary accounts




Fundamental Accounting Equation Correct answer-Provides

demonstration of the balance that is required between the assets, liabilities, and

owner's equity summary accounts




GAAP Correct answer-Generally Accepted Accounting Principles. Common

set of accounting principles standards, and procedures. Codified by the Financial

Accounting Standards Board

, BOMI: Budgeting & Accounting; Questions and
Answers 100% Solved


International Financial Reporting Standartds Correct answer-Established

and maintained by the International Accounting Standards Board. Used by many

multinational companies in the US and Canada.




Internal Reporting Correct 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 Correct answer-Income Statement


Balance Sheet


Cash Flow Statement




Cash Flow Statement Correct answer-Describes the changes in cash from

one period to the next

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