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BOMI- Budgeting and Accounting Exam Study Guide Questions with 100% Correct Answers Latest Version 2024 Verified

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BOMI- Budgeting and Accounting Exam Study Guide Questions with 100% Correct Answers | Latest Version 2024 | Verified Which key components make up the bookkeeping process? (2) - recording and classifying transactions is known as bookkeeping. Describe the roles filled by a accountant (3) - Accou...

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BOMI- Budgeting and Accounting Exam Study
Guide Questions with 100% Correct Answers |
Latest Version 2024 | Verified
Which key components make up the bookkeeping process? (2) - ✔✔recording and classifying
transactions is known as bookkeeping.

Describe the roles filled by a accountant (3) - ✔✔Accounting is a system of summarizing, interpreting,
and communicating financial data.

What are the primary functions associated with accounting ? (4) - ✔✔Accounting is the next step in the
process. Accounting is the system of summarizing, interpreting, and communicating financial data.

Specify functions incorporated in the budgeting process. (4) - ✔✔Budgeting is the ongoing process of
coordinating resources and expenditures. Through this process, a plan is created with research and data
as the foundation.

The budget reflects the priorities of the business and the resources needed to accomplish them. - ✔✔

Describe the accounting cycle types most common to commercial real estate management business (5) -
✔✔revenue cycle and the expenditure cycle

What are the three summary account types ? (9) - ✔✔assets, liabilities, and owner's equity—with each
other as they increase and decrease with debits and credits.

On the balance sheet, assets, liabilities, and owner's equity show the current status of the finances of
the business or the building. - ✔✔

How are debits and credits applied to fundamental accounting equation ? (11-12) - ✔✔liabilities and
owner's equity normally have a credit balance

a credit entry will increase the liability or owner's equity and a debit entry will decrease the liability or
owner's equity

,assets -normally have a debit balance, a debit entry will increase the value of an asset, a credit entry will
decrease the value of an asset - ✔✔

explain the relationship between the balance sheets and summary accounts (15) - ✔✔The balance sheet
is literally a statement of the balances, or amounts, within all of the assets, liabilities, and owner's equity
summary accounts of the business.

what are the generally accepted accounting principles ? (GAAP) (19) - ✔✔Generally accepted accounting
principles (GAAP) are a common set of accounting principles, standards, and procedures that companies
use to record accounting data and compile their financial statements.

GAAP is a combination of authoritative standards (set by policy boards), as well as commonly accepted
ways of recording and reporting accounting information. - ✔✔These standards are codified by the
Financial Accounting Standards Board (FASB).

What are international accounting standards ?(19) - ✔✔Standards established and maintained by the
International Accounting Standards Board, that are used by multi national companies

What are internal reporting needs common to the real property industry?(20) - ✔✔property industry
internal reporting includes , tenant collections, vendor payments, and monthly operating results.

Describe standard financial statements that businesses use? (20) - ✔✔These financial statements consist
of an income statements, a balance sheet, and a statement of cash flows.The income statement shows
revenues earned and expenses incurred in earning those revenues, resulting in net income or net loss for
the period.

What are common accounting methods used for recording financial transactions ? (21) - ✔✔Accounting
and financial reports can be prepared on a cash, accrual, or modified accrual (also known as hybrid)
accounting basis.

When the cash method is used, income and expenses are recorded only when they are received or paid
out. This form of accounting is the most basic and has a cote focus on the actual timing of both cash
received and cash dispersed. - ✔✔

,Explain accounting control strategies as they are used in real estate. (22) - ✔✔control strategies place to
detect fraud or theft but are primarily put in place to avoid human error. strategies to avoid missed cash
collection, or conversely excessive outflows that deplete an owners cash. These include, collections,
costs controls

Scenario - Chapter 1. Harold, an experienced finances manager for Beach Properties, hired Janet and is
reviewing the various aspects of budgeting and accounting that she will need to understand and
perform. - ✔✔Although she majored in finance at the local college, she lacks real world experience. As
Harold works with her over the next few weeks, he will seek to gauge her level of understanding of
budgeting and accounting fundamentals.

He will also have her perform some basic tasks. To the degree that she succeeds, she will move on to
more important and complicated projects. To the degree that she fails, Harold will provide additional
training and support. - ✔✔

"Janet, your main job function for the next few months will be to record and classify transactions" says
Harold. "In other words, you will be performing the process of..Blank..

a. accounting b. bookkeeping

c. budgeting d. financing - ✔✔b. bookkeeping

To the degree you are able to assume the role of accountant, Harold informs Janet, you'll engage in many
more functions. However you will not be responsible for ....Blank ... Financial data - ✔✔B. memorizing

If Janet performs an accounting function, she will.. blank...financial data.

a. classify

b. identify

c. interpret

d. record - ✔✔c. interpret

remember Janet, that when we create our budget, we make a plan for the financing expenditures in the
...Blank..., says Harold - ✔✔d. next year

, At lunch, Janet tells a friend that some of the job functions she will be performing include acquiring
property, paying for it, and reporting on what is acquired and paid for. "Oh," her friend correctly notes,
"then you'll be involved in the....BLANK..cycle of accounting."

a. asset

b. control

c. revenue

d. expenditure - ✔✔d. expenditure

When Janet "balances the books" (or the summary accounts), she will basically be dealing with:

a. assets, liabilities, and owner's equity.

b. tax planning, revenues, and liabilities.

c. liabilities, budgets, and owner's equity.

d. owner's equity, capital, and tax planning. - ✔✔a. assets, liabilities, and owner's equity

Janet," asks Harold, "if the company takes out a loan to make capital purchases, how would you record
this?" To be correct, Janet should record the money received as a________in Assets and as a__ in
Liabilities.

a. debit; debit

b. debit; credit

c. credit; debit

d. credit; credit - ✔✔b. debit; credit

Day after day, Janet records debits and credits for each entry to the balance sheet. This pro-

cess is referred to as accounting.

a. single-pass

b. double-pass

c. single-entry

d. double-entry - ✔✔d. double-entry

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