Budgeting and Accounting
Assets = Liabilities + Owners Equity - (correct Answer) - ...
Net Income - (correct Answer) - Revenue - Expenses = Net Income
Reports Owner's want to see most - (correct Answer) - Balance Sheet
Income Statement
Change in Cash Flow
Bookkeeping - (correct Answer) - The process of recording and classifying
transactions.
Four Accounting Cycles - (correct Answer) - Revenue
Expenditure
Capital
Conversion
Budgeting & Accounting Reporting Methods - (correct Answer) - Accrual Basis
Accounting
Cash Basis Accounting
Modified Accrual
Assets - (correct Answer) - Total Liability + Owner's Equity
Asset - (correct Answer) - On Left/ Debit Balance
Anything of value
Liability - (correct Answer) - On Right/ Credit Balance
A debt that is owed
Current Asset - (correct Answer) - anything of value that can be converted to cash
within 30-60 days.
Fixed Asset - (correct Answer) - LAND
Balance Sheet - (correct Answer) - A statement of the financial position of a
business entity at a particular point in time, reflecting the accounting equation.
Financial Statement - (correct Answer) - A set of reports that consists of an
income statement, a balance sheet and a cash flow statement.
Accrual Basis Accounting - (correct Answer) - Adjusts cash activity for current
period activity (recognizes income when earned and expenses when incurred).
Cash Basis Accounting - (correct Answer) - Income and expenses are recorded only
when received/ paid out.
Cash Flow Statement - (correct Answer) - A report that describes the changes in
cash from one period to the next.
General Journal - (correct Answer) - A sheet or book where transactions are
recorded in chronological order.
Cash Journal - (correct Answer) - A listing of all expenditures and receipts for
each business day and the resulting effect on the bank balance.
Modified Accrual - (correct Answer) - Some revenues and expenses declared on a cash
basis and some declared on an accrual basis.
Accounts Receivable - (correct Answer) - Monies earned but not yet received which
are recorded as assets on the balance sheet.
Accounts Payable - (correct Answer) - Debts owned to other businesses and recorded
as liabilities on the balance sheet.
Trial Balance - (correct Answer) - A listing of the balances of all accounts in the
ledger as of a specific date to check the equity of debits and credits.
Life Cycle of an Investment - (correct Answer) - Purchase (Acquisition)
Holding Period (leasing, operation, renovation/rehabilitation)
Sale (Disposition)
BOMA considers two critical reports - (correct Answer) - Delinquency Report
Vacancy Report
Purchase Order - (correct Answer) - A legally binding document requesting specific
goods or services.
Advantage - control costs.
Charts of Accounts - (correct Answer) - Accounts list by functions
BOMA Chart of Accounts specifically designed to the commercial real estate
industry.
Assets = Liabilities + Owners Equity - (correct Answer) - ...
Net Income - (correct Answer) - Revenue - Expenses = Net Income
Reports Owner's want to see most - (correct Answer) - Balance Sheet
Income Statement
Change in Cash Flow
Bookkeeping - (correct Answer) - The process of recording and classifying
transactions.
Four Accounting Cycles - (correct Answer) - Revenue
Expenditure
Capital
Conversion
Budgeting & Accounting Reporting Methods - (correct Answer) - Accrual Basis
Accounting
Cash Basis Accounting
Modified Accrual
Assets - (correct Answer) - Total Liability + Owner's Equity
Asset - (correct Answer) - On Left/ Debit Balance
Anything of value
Liability - (correct Answer) - On Right/ Credit Balance
A debt that is owed
Current Asset - (correct Answer) - anything of value that can be converted to cash
within 30-60 days.
Fixed Asset - (correct Answer) - LAND
Balance Sheet - (correct Answer) - A statement of the financial position of a
business entity at a particular point in time, reflecting the accounting equation.
Financial Statement - (correct Answer) - A set of reports that consists of an
income statement, a balance sheet and a cash flow statement.
Accrual Basis Accounting - (correct Answer) - Adjusts cash activity for current
period activity (recognizes income when earned and expenses when incurred).
Cash Basis Accounting - (correct Answer) - Income and expenses are recorded only
when received/ paid out.
Cash Flow Statement - (correct Answer) - A report that describes the changes in
cash from one period to the next.
General Journal - (correct Answer) - A sheet or book where transactions are
recorded in chronological order.
Cash Journal - (correct Answer) - A listing of all expenditures and receipts for
each business day and the resulting effect on the bank balance.
Modified Accrual - (correct Answer) - Some revenues and expenses declared on a cash
basis and some declared on an accrual basis.
Accounts Receivable - (correct Answer) - Monies earned but not yet received which
are recorded as assets on the balance sheet.
Accounts Payable - (correct Answer) - Debts owned to other businesses and recorded
as liabilities on the balance sheet.
Trial Balance - (correct Answer) - A listing of the balances of all accounts in the
ledger as of a specific date to check the equity of debits and credits.
Life Cycle of an Investment - (correct Answer) - Purchase (Acquisition)
Holding Period (leasing, operation, renovation/rehabilitation)
Sale (Disposition)
BOMA considers two critical reports - (correct Answer) - Delinquency Report
Vacancy Report
Purchase Order - (correct Answer) - A legally binding document requesting specific
goods or services.
Advantage - control costs.
Charts of Accounts - (correct Answer) - Accounts list by functions
BOMA Chart of Accounts specifically designed to the commercial real estate
industry.
