BOMI: Budgeting & Accounting
(Answered) 203 Questions and Correct
Answers, 100% Correct | Updated Fall
2024/2025.
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
Accrual Basis Accounting
Records revenues and expenditures related to the period for which they are applicable, when earned,
whether or not cash has been transferred. More sophiciasted. GAAP.
Modified Accrual Accounting
Both accrual and cash methods are used.
Accounting Controls
, - Collections: Periodic reviews and a tickler system
- Cost Controls: Budget preparations and monthly budget variance reviews
- Other Controls: Management agreement and several layers of review and supervision
Abatement
Free rent used as an incentive for prospective tenants.
Absolute Net Lease
All cost of owning, maintaining, and operating the building (including roof replacment and structural
items) are paid for by the tenant and are usually paid directly to the providers of the services.
Accelerated Cost Recovery Systems (ACRS)
Prescribed by Congress between 1981 and 986 the application of a certain percentage to the cost of an
asset resulting in the annual depreciation amount.
Account
An individual record of information and transactions related to each asset of liability and to each aspect
of owner's responsibility.
Accounting
The system of summarizing, interpreting, and communicating financial data.
Accounting Concepts
The global assumptions regarding the framework in which the entity operates
Accounting Controls
Efforts to safeguard assets, assure accurate and reliable accounting data, promote operational efficiency,
adn adhere to prescribed management policies (internal controls)
Accounting Cycles
Similar economic events converted into related types of transactions and processed through the system
in similar ways
Accounting Equation
Assets = liabilities + owners equity
Accounts Payable
-Debt owed to other businesses
-Recorded as labilities
Accounts Receivable
-Money earned but not received
-Recorded as assets
(Answered) 203 Questions and Correct
Answers, 100% Correct | Updated Fall
2024/2025.
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
Accrual Basis Accounting
Records revenues and expenditures related to the period for which they are applicable, when earned,
whether or not cash has been transferred. More sophiciasted. GAAP.
Modified Accrual Accounting
Both accrual and cash methods are used.
Accounting Controls
, - Collections: Periodic reviews and a tickler system
- Cost Controls: Budget preparations and monthly budget variance reviews
- Other Controls: Management agreement and several layers of review and supervision
Abatement
Free rent used as an incentive for prospective tenants.
Absolute Net Lease
All cost of owning, maintaining, and operating the building (including roof replacment and structural
items) are paid for by the tenant and are usually paid directly to the providers of the services.
Accelerated Cost Recovery Systems (ACRS)
Prescribed by Congress between 1981 and 986 the application of a certain percentage to the cost of an
asset resulting in the annual depreciation amount.
Account
An individual record of information and transactions related to each asset of liability and to each aspect
of owner's responsibility.
Accounting
The system of summarizing, interpreting, and communicating financial data.
Accounting Concepts
The global assumptions regarding the framework in which the entity operates
Accounting Controls
Efforts to safeguard assets, assure accurate and reliable accounting data, promote operational efficiency,
adn adhere to prescribed management policies (internal controls)
Accounting Cycles
Similar economic events converted into related types of transactions and processed through the system
in similar ways
Accounting Equation
Assets = liabilities + owners equity
Accounts Payable
-Debt owed to other businesses
-Recorded as labilities
Accounts Receivable
-Money earned but not received
-Recorded as assets
