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BOMI: Budgeting & Accounting | Questions And Answers Latest {} A+ Graded | 100% Verified
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BOMI: Budgeting & Accounting | Questions And Answers Latest {} A+ Graded | 100% Verified
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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
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