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BOMI: Budgeting & Accounting Exam Study Guide with Complete Solutions
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©SOPHIABENNETT EXAM SOLUTIONS_2024/2025 Tuesday, September 3, 2024 10:30 AM Page | 3 Cash Method of Reporting - Answer️️ -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 ...

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  • September 13, 2024
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  • 2024/2025
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©SOPHIABENNETT
EXAM_SOLUTIONS GUARANTEED SUCCESS 2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/3/24 2024/2025

, ©SOPHIABENNETT EXAM SOLUTIONS_2024/2025 Tuesday, September 3, 2024 10:30 AM



BOMI: Budgeting & Accounting Exam
Study Guide with Complete Solutions


Accounting Equation - Answer✔️✔️-Assets = Liabilities + Owner's Equity


Assets - Liabilities = Owner's Equity

Bookkeeping - Answer✔️✔️-Process of recording and classifying transactions

Accountants Role - Answer✔️✔️-Support managers by processing, controlling, and

reporting accounting data. Deliver accurate, meaningful, and timely financial reports.

Accounting - Answer✔️✔️-A uniform and consistent system where financial data is:

interpreted, summarized, and communicated.

Budgeting - Answer✔️✔️-The ongoing process of coordinating resources and

expenditures

The budgeting process is comprised of: - Answer✔️✔️-Future projections, analysis of the

past, and benchmarking.

Financial Analysis - Answer✔️✔️-Interpretation of bookkeeping, budgeting, and

accounting with a look to the past but also the future.

Accounting Cycle - Answer✔️✔️-Consists of Similar economic events that are conveted

into related types of transactions and processed through the system in similar ways.

Revenue Cycle - Answer✔️✔️-Exchange of prpoduce for cash

Expenditure Cycle - Answer✔️✔️-


Page | 1

, ©SOPHIABENNETT EXAM SOLUTIONS_2024/2025 Tuesday, September 3, 2024 10:30 AM


Account - Answer✔️✔️-How we classify something

Balance Sheet Consists of - Answer✔️✔️-Assets, liabilities, and owner's equity

Balance Sheet - Answer✔️✔️-Is a statement of the balances within all of the assets,

liabilities, and owner's equity summary accounts

Fundamental Accounting Equation - Answer✔️✔️-Provides demonstration of the balance

that is required between the assets, liabilities, and owner's equity summary accounts

GAAP - Answer✔️✔️-Generally Accepted Accounting Principles. Common set of

accounting principles standards, and procedures. Codified by the Financial Accounting

Standards Board

International Financial Reporting Standartds - Answer✔️✔️-Established and maintained

by the International Accounting Standards Board. Used by many multinational

companies in the US and Canada.

Internal Reporting - 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 - Answer✔️✔️-Income Statement

Balance Sheet

Cash Flow Statement

Cash Flow Statement - Answer✔️✔️-Describes the changes in cash from one period to

the next




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