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BOMI BUDGETING AND ACCOUNTING FINAL
EXAM NEWEST ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT VERIFIED ANSWERS
(DETAILED ANSWERS) ALREADY GRADED A+
100% GUARANTEED TO PASS CONCEPTS!!!
Which key components make up the bookkeeping
process? (2) - ....ANSWER ....✔✔ recording and
classifying transactions is known as bookkeeping.
Describe the roles filled by a accountant (3) -
....ANSWER ....✔✔ Accounting is a system of
summarizing, interpreting, and communicating financial
data.
What are the primary functions associated with
accounting ? (4) - ....ANSWER ....✔✔ Accounting is the
next step in the process. Accounting is the system of
summarizing, interpreting, and communicating financial
data.
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Specify functions incorporated in the budgeting process.
(4) - ....ANSWER ....✔✔ 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. - ....ANSWER
....✔✔
Describe the accounting cycle types most common to
commercial real estate management business (5) -
....ANSWER ....✔✔ revenue cycle and the expenditure
cycle
What are the three summary account types ? (9) -
....ANSWER ....✔✔ 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. - ....ANSWER ....✔✔
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How are debits and credits applied to fundamental
accounting equation ? (11-12) - ....ANSWER ....✔✔
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 - ....ANSWER ....✔✔
explain the relationship between the balance sheets and
summary accounts (15) - ....ANSWER ....✔✔ 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) - ....ANSWER ....✔✔ 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.
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GAAP is a combination of authoritative standards (set
by policy boards), as well as commonly accepted ways
of recording and reporting accounting information. -
....ANSWER ....✔✔ These standards are codified by
the Financial Accounting Standards Board (FASB).
What are international accounting standards ?(19) -
....ANSWER ....✔✔ 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) - ....ANSWER ....✔✔ property
industry internal reporting includes , tenant collections,
vendor payments, and monthly operating results.
Describe standard financial statements that businesses
use? (20) - ....ANSWER ....✔✔ 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) - ....ANSWER
BOMI BUDGETING AND ACCOUNTING FINAL
EXAM NEWEST ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT VERIFIED ANSWERS
(DETAILED ANSWERS) ALREADY GRADED A+
100% GUARANTEED TO PASS CONCEPTS!!!
Which key components make up the bookkeeping
process? (2) - ....ANSWER ....✔✔ recording and
classifying transactions is known as bookkeeping.
Describe the roles filled by a accountant (3) -
....ANSWER ....✔✔ Accounting is a system of
summarizing, interpreting, and communicating financial
data.
What are the primary functions associated with
accounting ? (4) - ....ANSWER ....✔✔ Accounting is the
next step in the process. Accounting is the system of
summarizing, interpreting, and communicating financial
data.
,2|Page
Specify functions incorporated in the budgeting process.
(4) - ....ANSWER ....✔✔ 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. - ....ANSWER
....✔✔
Describe the accounting cycle types most common to
commercial real estate management business (5) -
....ANSWER ....✔✔ revenue cycle and the expenditure
cycle
What are the three summary account types ? (9) -
....ANSWER ....✔✔ 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. - ....ANSWER ....✔✔
,3|Page
How are debits and credits applied to fundamental
accounting equation ? (11-12) - ....ANSWER ....✔✔
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 - ....ANSWER ....✔✔
explain the relationship between the balance sheets and
summary accounts (15) - ....ANSWER ....✔✔ 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) - ....ANSWER ....✔✔ 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.
, 4|Page
GAAP is a combination of authoritative standards (set
by policy boards), as well as commonly accepted ways
of recording and reporting accounting information. -
....ANSWER ....✔✔ These standards are codified by
the Financial Accounting Standards Board (FASB).
What are international accounting standards ?(19) -
....ANSWER ....✔✔ 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) - ....ANSWER ....✔✔ property
industry internal reporting includes , tenant collections,
vendor payments, and monthly operating results.
Describe standard financial statements that businesses
use? (20) - ....ANSWER ....✔✔ 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) - ....ANSWER
