BOMI- Budgeting and Accounting Latest Update
2025-2026 550 Questions and 100% Verified
Correct Answers Guaranteed A+
-what are the services required, which can be eliminated, what needs to be added, has
occupancy changed , what's include din lease agreements - CORRECT ANSWER: then
determine upcoming contracts for the next year
. As property manager, Rudy approves invoices for payment, but he knows that some
invoices, such as an invoice for ..blank.., will require approval from the owners. -
CORRECT ANSWER: a. new carpeting for a 20,000-square-foot unit
b. one new desk chair for the management office
c. salt for treating the parking lot before impending snow
d fire extinguisher inspection services.
. If Zelda uses the BOMA Chart of Accounts, she should understand that the level that
reflects the functional categories of building operations is the ..blank..level. - CORRECT
ANSWER: a. first
b. second
c. third
d. fourth
. Sheila works hard to ensure that spaces are vacant for as little time as possible. She
also makes sure that the expense caps written into the leases are generally higher than
what the tenants may prefer. Both of these efforts help to lessen the difference -
CORRECT ANSWER: between recoverable operating expenses and actual operating
expenses. This difference is known as:
a. attenuation.
b. drawdown.
,c. liability.
d. slippage.
. While Kevin is satisfied with the quality of the service provided by the cleaning ven-
dors, he is concerned about the cost. He therefore is going to submit RFPs to various
cleaning vendors. It is generally recommended that RFPs be delivered to no more than
- CORRECT ANSWER: vendors to ensure proper consideration.
a. one or two
b. three to five
c. six to eight
d. nine to 12
"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 - CORRECT ANSWER: b. bookkeeping
(Fill in the blank) Property and facility managers should have a (an)_________ system
to remind them of key deadlines and filing dates.
a) management
b) audit trail
c) delinquency
d) tickler - CORRECT ANSWER: d) tickler
1. Cory meets frequently with the senior management of Western Properties to learn
what objectives ownership has with regard to capital improvements. Regardless of the
specifics, capital improvement objectives should strive to: - CORRECT ANSWER: a.
increase income and/or reduce expenses.
b. motivate employees to the highest possible extent.
,c. facilitate negotiations with governmental authorities.
d. eliminate competition and/or improve positioning.
1. In the process of bank reconciliation, Douglas can fully expect the bank's property
records
to contain a record of each cash receipt and..blank.. of the property during the
month. - CORRECT ANSWER: a. disbursement
b. interest
c. investment
d. reversal
1. Jennifer is a typical owner in terms of her requirements for budget reporting
frequency.
This means that she would expect the budget to reflect all expenses on a basis. -
CORRECT ANSWER: a. daily
b. weekly
c. monthly
d. yearly
1. Rudy meets with the finance office staff to learn the various costs of operating the
mall.
He categorizes all the costs into their appropriate categories. Costs such as grounds
maintenance are properly categorized as costs. - CORRECT ANSWER: a. fixed
b. semi-fixed
c. variable
d. semi-variable
2. Does the cash basis income statement reflect any inappropriately coded or
inaccurate presentations of income or expense activity - CORRECT ANSWER: 3. does
, the cash balance income statement tell the owner exactly what occurred in the financial
operations of the building for the month
2. If the property accounting staff forgot to record any receipts, the bank balance will
be...blank..than the property's balance. Likewise, if the staff failed to account for bank
service charges, the bank balance will be..blank..than the property's balance. -
CORRECT ANSWER: a. lower; lower
b. lower; higher
c. higher; lower
d. higher; higher
2. When setting aside cash reserves for future projects, the ownership of Western
Properties
can enjoy the benefits of..blank.. , which is the earning of interest not only on principal,
but also on the interest accrued. - CORRECT ANSWER: a. arbitrage
b. compounding
c. diversifying
d. margins
3. As the most significant source of cash at any commercial building is rent, Douglas
must work with the accounting staff to ensure that rent payments received,
reimbursements, security deposits, and other collections are reflected in the: -
CORRECT ANSWER: a. income statement.
b. payable summary report.
c. receivable summary report.
d. statement of retained earnings.
3. employers F.I.C.A - percentage gross wages set by the federal government -
CORRECT ANSWER: 4. Workers compensation and health insurance , based on
insurance rates provided by employers insurance carrier
2025-2026 550 Questions and 100% Verified
Correct Answers Guaranteed A+
-what are the services required, which can be eliminated, what needs to be added, has
occupancy changed , what's include din lease agreements - CORRECT ANSWER: then
determine upcoming contracts for the next year
. As property manager, Rudy approves invoices for payment, but he knows that some
invoices, such as an invoice for ..blank.., will require approval from the owners. -
CORRECT ANSWER: a. new carpeting for a 20,000-square-foot unit
b. one new desk chair for the management office
c. salt for treating the parking lot before impending snow
d fire extinguisher inspection services.
. If Zelda uses the BOMA Chart of Accounts, she should understand that the level that
reflects the functional categories of building operations is the ..blank..level. - CORRECT
ANSWER: a. first
b. second
c. third
d. fourth
. Sheila works hard to ensure that spaces are vacant for as little time as possible. She
also makes sure that the expense caps written into the leases are generally higher than
what the tenants may prefer. Both of these efforts help to lessen the difference -
CORRECT ANSWER: between recoverable operating expenses and actual operating
expenses. This difference is known as:
a. attenuation.
b. drawdown.
,c. liability.
d. slippage.
. While Kevin is satisfied with the quality of the service provided by the cleaning ven-
dors, he is concerned about the cost. He therefore is going to submit RFPs to various
cleaning vendors. It is generally recommended that RFPs be delivered to no more than
- CORRECT ANSWER: vendors to ensure proper consideration.
a. one or two
b. three to five
c. six to eight
d. nine to 12
"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 - CORRECT ANSWER: b. bookkeeping
(Fill in the blank) Property and facility managers should have a (an)_________ system
to remind them of key deadlines and filing dates.
a) management
b) audit trail
c) delinquency
d) tickler - CORRECT ANSWER: d) tickler
1. Cory meets frequently with the senior management of Western Properties to learn
what objectives ownership has with regard to capital improvements. Regardless of the
specifics, capital improvement objectives should strive to: - CORRECT ANSWER: a.
increase income and/or reduce expenses.
b. motivate employees to the highest possible extent.
,c. facilitate negotiations with governmental authorities.
d. eliminate competition and/or improve positioning.
1. In the process of bank reconciliation, Douglas can fully expect the bank's property
records
to contain a record of each cash receipt and..blank.. of the property during the
month. - CORRECT ANSWER: a. disbursement
b. interest
c. investment
d. reversal
1. Jennifer is a typical owner in terms of her requirements for budget reporting
frequency.
This means that she would expect the budget to reflect all expenses on a basis. -
CORRECT ANSWER: a. daily
b. weekly
c. monthly
d. yearly
1. Rudy meets with the finance office staff to learn the various costs of operating the
mall.
He categorizes all the costs into their appropriate categories. Costs such as grounds
maintenance are properly categorized as costs. - CORRECT ANSWER: a. fixed
b. semi-fixed
c. variable
d. semi-variable
2. Does the cash basis income statement reflect any inappropriately coded or
inaccurate presentations of income or expense activity - CORRECT ANSWER: 3. does
, the cash balance income statement tell the owner exactly what occurred in the financial
operations of the building for the month
2. If the property accounting staff forgot to record any receipts, the bank balance will
be...blank..than the property's balance. Likewise, if the staff failed to account for bank
service charges, the bank balance will be..blank..than the property's balance. -
CORRECT ANSWER: a. lower; lower
b. lower; higher
c. higher; lower
d. higher; higher
2. When setting aside cash reserves for future projects, the ownership of Western
Properties
can enjoy the benefits of..blank.. , which is the earning of interest not only on principal,
but also on the interest accrued. - CORRECT ANSWER: a. arbitrage
b. compounding
c. diversifying
d. margins
3. As the most significant source of cash at any commercial building is rent, Douglas
must work with the accounting staff to ensure that rent payments received,
reimbursements, security deposits, and other collections are reflected in the: -
CORRECT ANSWER: a. income statement.
b. payable summary report.
c. receivable summary report.
d. statement of retained earnings.
3. employers F.I.C.A - percentage gross wages set by the federal government -
CORRECT ANSWER: 4. Workers compensation and health insurance , based on
insurance rates provided by employers insurance carrier
