BOMI- Budgeting and
Accounting QUESTIONS AND
VERIFIED CORRECT
ANSWERS GRADED A+
[LATEST] 100% GUARANTEED
PASS
If we grow to the point where we become a large multinational company doing busi¬ness in
many countries, what set of accounting principles, standards, and procedures will we use?" asks
Janet. "Well then," Harold responds, "in that case, we'll have to use the
a. ASC
b. GAAP
c. IFRS
d. SPF - CORRECT ANSWER-c. IFRS
Over coffee, Harold correctly informs Janet that a .Blank...building-by-building comparison of
actual operating income and expenses against the budget is used to deter¬mine the success of
the property manager in meeting operating plans.
a. daily
b. weekly
c. monthly
d. yearly - CORRECT ANSWER-c. monthly
,Janet, if I want to know what monies have been earned, but not yet received, by the company,
what standard financial statement would I consult?" Janet responds quickly and
accurately, "You would want to examine the statement."
a. income
b. cash flow
c. accounts payable
d. accounts receivable - CORRECT ANSWER-d. accounts receivable
For now, Harold has Janet prepare financial reports on a(n) basis, as it is the most basic method.
a. accrual
b. cash
c. modified accrual
d. modified cash - CORRECT ANSWER-b. cash
Harold will soon be introducing Janet to accounting, or internal, controls that maximize cash
income and minimize cash outflows. In particular, she will have to learn how to help the
company avoid the most common error in properly administering tenant leases, which is: -
CORRECT ANSWER-a. offering lease rates at below-market value.
b. not using smartphone apps for lease payments.
c. overlooking charges that are properly billable to the tenant.
d. delaying the filing of annual forms with the proper governmental authorities.
c. overlooking charges that are properly billable to the tenant. - CORRECT ANSWER-
Chapter 2 - CORRECT ANSWER-Chapter 2
In what practical ways do building professionals use records ? ( 2-3_) - CORRECT ANSWER-
accurate data is what allows stakeholders to take raw data and convert it into useful information
,from which final decisions can be made. these records are required for compliance with tax and
legal requirements
Explain the practice of checks and balances . (4) - CORRECT ANSWER-procedures put in place to
ensure to different individuals perform different roles and functions help ensure checks and
balances. those who authorize payments, should not be the same people who issue checks or
mail them
Describe the purpose of a chart of accounts , as well as its components . (8-9) - CORRECT
ANSWER-the chart of accounts is the list of line items or categories that classifies accounts.
charts of accounts are customized to fit the purposes of the business , and accounts are listed
by function
What are the advantages to using a purchase order? (7) - CORRECT ANSWER-1. clearly outline
good and services being provided. 2. outline the general terms of conditions of the purchase.
3.track purchases in chronological order. 4. limit access.
5. centralize purchasing to enable analysis for preferred supplies or negotiated preferred rates.
6. consolidate orders and discounts. 7. validate accounts 8. record accumulation of inventory -
CORRECT ANSWER-
What items are included in the tenant file? (11) - CORRECT ANSWER-the tenant file houses the
most current correspondence, leases and other documents. a copy of the lease , lease abstract,
rent roll, lease amendments, floor plans, keying information, security deposits, insurance
information or anything related to the tenant
which elements are typically tracked with the use of a tickler system (14) - CORRECT ANSWER-
tickler system is a system that reminds them of important deadlines and filing dates. Lease
changes, billing info, dues dates, corporate reporting dates , accounting cutoff dates all maybe
monitored by tickler system
, identify reports common in the commercial real estate industry that aid building professionals
in making decisions about use of space, funds, and interactions with tenants (15-16) - CORRECT
ANSWER-Vacancy, delinquency and rent roll are all import reports that help building
professionals make decisions
What is the purpose of the audit trail ? (16) - CORRECT ANSWER-is to leave a record that
auditors can verify
What specific information do these reports provide to decision makers ? (15-16) - CORRECT
ANSWER-information about available funds, vacant space , churn rate, information for new
tenants, potential tenants and effects on operating budgets due to a increase or loss of rent
Scenario - Chapter 2 . Having been audited in the past, Clarkson Real Estate does not want to
repeat that experience. Senior management decides to hire an experienced finance manager to
clean up operations, require and maintain proper record-keeping procedures, - CORRECT
ANSWER-and ensure full compliance with laws and GAAP. Zelda has enjoyed the reputation of
being such a person. Clarkson was able to hire her by making her a generous offer. She has
accepted and looks forward to bringing everything up to standard.
Zelda calls her staff together for their first meeting. She correctly emphasizes that, first and
foremost,..blank.. is what creates the foundation for sound decision making based on
information, proper year-end reconciliations, and for compliance with tax and legal
requirements. - CORRECT ANSWER-a. accurate record keeping
b. education in finance
c. managerial guidance
d. team dedication
a. accurate record keeping - CORRECT ANSWER-
The controls that Zelda is implementing for the administration of accounts payable and
receivable are both necessary and proper. She knows that the individuals who authorize
Accounting QUESTIONS AND
VERIFIED CORRECT
ANSWERS GRADED A+
[LATEST] 100% GUARANTEED
PASS
If we grow to the point where we become a large multinational company doing busi¬ness in
many countries, what set of accounting principles, standards, and procedures will we use?" asks
Janet. "Well then," Harold responds, "in that case, we'll have to use the
a. ASC
b. GAAP
c. IFRS
d. SPF - CORRECT ANSWER-c. IFRS
Over coffee, Harold correctly informs Janet that a .Blank...building-by-building comparison of
actual operating income and expenses against the budget is used to deter¬mine the success of
the property manager in meeting operating plans.
a. daily
b. weekly
c. monthly
d. yearly - CORRECT ANSWER-c. monthly
,Janet, if I want to know what monies have been earned, but not yet received, by the company,
what standard financial statement would I consult?" Janet responds quickly and
accurately, "You would want to examine the statement."
a. income
b. cash flow
c. accounts payable
d. accounts receivable - CORRECT ANSWER-d. accounts receivable
For now, Harold has Janet prepare financial reports on a(n) basis, as it is the most basic method.
a. accrual
b. cash
c. modified accrual
d. modified cash - CORRECT ANSWER-b. cash
Harold will soon be introducing Janet to accounting, or internal, controls that maximize cash
income and minimize cash outflows. In particular, she will have to learn how to help the
company avoid the most common error in properly administering tenant leases, which is: -
CORRECT ANSWER-a. offering lease rates at below-market value.
b. not using smartphone apps for lease payments.
c. overlooking charges that are properly billable to the tenant.
d. delaying the filing of annual forms with the proper governmental authorities.
c. overlooking charges that are properly billable to the tenant. - CORRECT ANSWER-
Chapter 2 - CORRECT ANSWER-Chapter 2
In what practical ways do building professionals use records ? ( 2-3_) - CORRECT ANSWER-
accurate data is what allows stakeholders to take raw data and convert it into useful information
,from which final decisions can be made. these records are required for compliance with tax and
legal requirements
Explain the practice of checks and balances . (4) - CORRECT ANSWER-procedures put in place to
ensure to different individuals perform different roles and functions help ensure checks and
balances. those who authorize payments, should not be the same people who issue checks or
mail them
Describe the purpose of a chart of accounts , as well as its components . (8-9) - CORRECT
ANSWER-the chart of accounts is the list of line items or categories that classifies accounts.
charts of accounts are customized to fit the purposes of the business , and accounts are listed
by function
What are the advantages to using a purchase order? (7) - CORRECT ANSWER-1. clearly outline
good and services being provided. 2. outline the general terms of conditions of the purchase.
3.track purchases in chronological order. 4. limit access.
5. centralize purchasing to enable analysis for preferred supplies or negotiated preferred rates.
6. consolidate orders and discounts. 7. validate accounts 8. record accumulation of inventory -
CORRECT ANSWER-
What items are included in the tenant file? (11) - CORRECT ANSWER-the tenant file houses the
most current correspondence, leases and other documents. a copy of the lease , lease abstract,
rent roll, lease amendments, floor plans, keying information, security deposits, insurance
information or anything related to the tenant
which elements are typically tracked with the use of a tickler system (14) - CORRECT ANSWER-
tickler system is a system that reminds them of important deadlines and filing dates. Lease
changes, billing info, dues dates, corporate reporting dates , accounting cutoff dates all maybe
monitored by tickler system
, identify reports common in the commercial real estate industry that aid building professionals
in making decisions about use of space, funds, and interactions with tenants (15-16) - CORRECT
ANSWER-Vacancy, delinquency and rent roll are all import reports that help building
professionals make decisions
What is the purpose of the audit trail ? (16) - CORRECT ANSWER-is to leave a record that
auditors can verify
What specific information do these reports provide to decision makers ? (15-16) - CORRECT
ANSWER-information about available funds, vacant space , churn rate, information for new
tenants, potential tenants and effects on operating budgets due to a increase or loss of rent
Scenario - Chapter 2 . Having been audited in the past, Clarkson Real Estate does not want to
repeat that experience. Senior management decides to hire an experienced finance manager to
clean up operations, require and maintain proper record-keeping procedures, - CORRECT
ANSWER-and ensure full compliance with laws and GAAP. Zelda has enjoyed the reputation of
being such a person. Clarkson was able to hire her by making her a generous offer. She has
accepted and looks forward to bringing everything up to standard.
Zelda calls her staff together for their first meeting. She correctly emphasizes that, first and
foremost,..blank.. is what creates the foundation for sound decision making based on
information, proper year-end reconciliations, and for compliance with tax and legal
requirements. - CORRECT ANSWER-a. accurate record keeping
b. education in finance
c. managerial guidance
d. team dedication
a. accurate record keeping - CORRECT ANSWER-
The controls that Zelda is implementing for the administration of accounts payable and
receivable are both necessary and proper. She knows that the individuals who authorize
