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BOMI - Budgeting & Accounting (Chapter 1) exam questions and answers 2025
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BOMI - Budgeting & Accounting (Chapter 1) exam questions and answers 2025
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BOMI - Budgeting &Accounting (Chapter 1) exam
questions and answers 2025
Bookkeeping - answer Recording and classifying transactions
Name examples of source documents found in the expenditure
cycle. - answer 1. Purchase orders
2. Vendor Invoices
3. Monthly contract for services
4. Check written to vendor
What is the process for the acquisition of goods? - answer 1. Goods
or services are requested from vendor with PO or service contract
2. Goods or services are received & documented with document or
service record
3. Vendor invoice is coded, approved, and processed for payment
4. Check is issued to vendor to satisfy invoice
Define accounting cycle. - answer Similar economic events that are
converted to transactions and processed through the system in
similar way (i.e. the path a source document takes from its
inception to the end of the year financial statement)
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