Exam (elaborations)
BOMI: Budgeting & Accounting | Questions And Answers Latest {} A+ Graded | 100% Verified
- Course
- Institution
BOMI: Budgeting & Accounting | Questions And Answers Latest {} A+ Graded | 100% Verified
[Show more]
Content preview
BOMI: Budgeting & Accounting | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
Accounting Equation - Assets = Liabilities + Owner's Equity
Assets - Liabilities = Owner's Equity
Bookkeeping - Process of recording and classifying transactions
Accountants Role - Support managers by processing, controlling, and reporting accounting data. Deliver
accurate, meaningful, and timely financial reports.
Accounting - A uniform and consistent system where financial data is: interpreted, summarized, and
communicated.
Budgeting - The ongoing process of coordinating resources and expenditures
The budgeting process is comprised of: - Future projections, analysis of the past, and benchmarking.
,Financial Analysis - Interpretation of bookkeeping, budgeting, and accounting with a look to the past but
also the future.
Accounting Cycle - Consists of Similar economic events that are conveted into related types of
transactions and processed through the system in similar ways.
Revenue Cycle - Exchange of prpoduce for cash
Expenditure Cycle -
Account - How we classify something
Balance Sheet Consists of - Assets, liabilities, and owner's equity
Balance Sheet - Is a statement of the balances within all of the assets, liabilities, and owner's equity
summary accounts
Fundamental Accounting Equation - Provides demonstration of the balance that is required between the
assets, liabilities, and owner's equity summary accounts
, GAAP - Generally Accepted Accounting Principles. Common set of accounting principles standards, and
procedures. Codified by the Financial Accounting Standards Board
International Financial Reporting Standartds - Established and maintained by the International
Accounting Standards Board. Used by many multinational companies in the US and Canada.
Internal Reporting - Numerous activities must be monitored and reported to properly mange real
property such as: tenant collections, vendor payments, and monthly operating results.
External Reporting - Income Statement
Balance Sheet
Cash Flow Statement
Cash Flow Statement - Describes the changes in cash from one period to the next
Cash Method of Reporting - 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.48. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81033 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
