BOMI- Budgeting and
Accounting REVIEWE EXAM
QUESTIONS AND VERIFIED
CORRECT ANSWERS
GRADED A+ [LATEST] 100%
GUARANTEED PASS
Absolute Net Lease - CORRECT ANSWER-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) - CORRECT ANSWER-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 - CORRECT ANSWER-An individual record of information and transactions related to
each asset of liability and to each aspect of owner's responsibility.
Accounting - CORRECT ANSWER-The system of summarizing, interpreting, and communicating
financial data.
Accounting Concepts - CORRECT ANSWER-The global assumptions regarding the framework in
which the entity operates
,Accounting Controls - CORRECT ANSWER-Efforts to safeguard assets, assure accurate and
reliable accounting data, promote operational efficiency, adn adhere to prescribed management
policies (internal controls)
Accounting Cycles - CORRECT ANSWER-Similar economic events converted into related types of
transactions and processed through the system in similar ways
Accounting Equation - CORRECT ANSWER-Assets = liabilities + owners equity
Accounts Payable - CORRECT ANSWER--Debt owed to other businesses
-Recorded as labilities
Accounts Receivable - CORRECT ANSWER--Money earned but not received
-Recorded as assets
Accrual basis accounting - CORRECT ANSWER-A system that adjusts cash activity for current
period activity that did not occur in cash for both revenue and expenditures
Acid-test ratio - CORRECT ANSWER-ratio of quick assets to current liabilities
Ad valorem - CORRECT ANSWER-Taxes levied based on property value
Additional Rent - CORRECT ANSWER--Expenses escalations
-Common area operating expense charges
Amortizations - CORRECT ANSWER-The systematic allocation of the cost of an intangible asset
from the balance sheet to an expense account on the cash basis income statement
, Anniversary Index - CORRECT ANSWER-The value of a dollar of rent adjusted for inflation using
the Consumer Price Index on each annual ;ease anniversary date
Asset - CORRECT ANSWER-Anything of value that is owned
Audit - CORRECT ANSWER-A form of review of an organization's financial records
Audit Option - CORRECT ANSWER-A statement concerning a company's financial records. A
qualified opinion specifies any reservations the auditor may have. An qualified opinion indicates
that the auditor has no such reservations. that the financial statements present fairly, in all
material respects, the financial position of the company and the results of its operations.
Audit Trail - CORRECT ANSWER-A record of every financial transaction associated with each
property.
Balance sheet - CORRECT ANSWER-A statment of the financial position of a business entity at a
particular point in time, reflecting the accounting equation
Bank reconciliation - CORRECT ANSWER-A comparison of cash receipts and disbursements by
reconciling the ending cash balance to the bank records
Base income - CORRECT ANSWER-Earnings received from the monthlu recurring charges as
stated in the lease
Base index - CORRECT ANSWER-The value of a dollar of rent adjusted for inflation using the CPI
during the month of the lease commencement
Base Rent - CORRECT ANSWER-The monthly recurring charges as stated in the lease
Accounting REVIEWE EXAM
QUESTIONS AND VERIFIED
CORRECT ANSWERS
GRADED A+ [LATEST] 100%
GUARANTEED PASS
Absolute Net Lease - CORRECT ANSWER-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) - CORRECT ANSWER-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 - CORRECT ANSWER-An individual record of information and transactions related to
each asset of liability and to each aspect of owner's responsibility.
Accounting - CORRECT ANSWER-The system of summarizing, interpreting, and communicating
financial data.
Accounting Concepts - CORRECT ANSWER-The global assumptions regarding the framework in
which the entity operates
,Accounting Controls - CORRECT ANSWER-Efforts to safeguard assets, assure accurate and
reliable accounting data, promote operational efficiency, adn adhere to prescribed management
policies (internal controls)
Accounting Cycles - CORRECT ANSWER-Similar economic events converted into related types of
transactions and processed through the system in similar ways
Accounting Equation - CORRECT ANSWER-Assets = liabilities + owners equity
Accounts Payable - CORRECT ANSWER--Debt owed to other businesses
-Recorded as labilities
Accounts Receivable - CORRECT ANSWER--Money earned but not received
-Recorded as assets
Accrual basis accounting - CORRECT ANSWER-A system that adjusts cash activity for current
period activity that did not occur in cash for both revenue and expenditures
Acid-test ratio - CORRECT ANSWER-ratio of quick assets to current liabilities
Ad valorem - CORRECT ANSWER-Taxes levied based on property value
Additional Rent - CORRECT ANSWER--Expenses escalations
-Common area operating expense charges
Amortizations - CORRECT ANSWER-The systematic allocation of the cost of an intangible asset
from the balance sheet to an expense account on the cash basis income statement
, Anniversary Index - CORRECT ANSWER-The value of a dollar of rent adjusted for inflation using
the Consumer Price Index on each annual ;ease anniversary date
Asset - CORRECT ANSWER-Anything of value that is owned
Audit - CORRECT ANSWER-A form of review of an organization's financial records
Audit Option - CORRECT ANSWER-A statement concerning a company's financial records. A
qualified opinion specifies any reservations the auditor may have. An qualified opinion indicates
that the auditor has no such reservations. that the financial statements present fairly, in all
material respects, the financial position of the company and the results of its operations.
Audit Trail - CORRECT ANSWER-A record of every financial transaction associated with each
property.
Balance sheet - CORRECT ANSWER-A statment of the financial position of a business entity at a
particular point in time, reflecting the accounting equation
Bank reconciliation - CORRECT ANSWER-A comparison of cash receipts and disbursements by
reconciling the ending cash balance to the bank records
Base income - CORRECT ANSWER-Earnings received from the monthlu recurring charges as
stated in the lease
Base index - CORRECT ANSWER-The value of a dollar of rent adjusted for inflation using the CPI
during the month of the lease commencement
Base Rent - CORRECT ANSWER-The monthly recurring charges as stated in the lease
