100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
BOMI: Budgeting & Accounting Exam Study Guide with Complete Solutions $12.49   Add to cart

Exam (elaborations)

BOMI: Budgeting & Accounting Exam Study Guide with Complete Solutions

 6 views  0 purchase
  • Course
  • BOMI
  • Institution
  • BOMI

©SOPHIABENNETT EXAM SOLUTIONS_2024/2025 Tuesday, September 3, 2024 10:30 AM Page | 3 Cash Method of Reporting - Answer️️ -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 ...

[Show more]

Preview 3 out of 22  pages

  • September 13, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BOMI
  • BOMI
avatar-seller
SophiaBennett
©SOPHIABENNETT
EXAM_SOLUTIONS GUARANTEED SUCCESS 2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/3/24 2024/2025

, ©SOPHIABENNETT EXAM SOLUTIONS_2024/2025 Tuesday, September 3, 2024 10:30 AM



BOMI: Budgeting & Accounting Exam
Study Guide with Complete Solutions


Accounting Equation - Answer✔️✔️-Assets = Liabilities + Owner's Equity


Assets - Liabilities = Owner's Equity

Bookkeeping - Answer✔️✔️-Process of recording and classifying transactions

Accountants Role - Answer✔️✔️-Support managers by processing, controlling, and

reporting accounting data. Deliver accurate, meaningful, and timely financial reports.

Accounting - Answer✔️✔️-A uniform and consistent system where financial data is:

interpreted, summarized, and communicated.

Budgeting - Answer✔️✔️-The ongoing process of coordinating resources and

expenditures

The budgeting process is comprised of: - Answer✔️✔️-Future projections, analysis of the

past, and benchmarking.

Financial Analysis - Answer✔️✔️-Interpretation of bookkeeping, budgeting, and

accounting with a look to the past but also the future.

Accounting Cycle - Answer✔️✔️-Consists of Similar economic events that are conveted

into related types of transactions and processed through the system in similar ways.

Revenue Cycle - Answer✔️✔️-Exchange of prpoduce for cash

Expenditure Cycle - Answer✔️✔️-


Page | 1

, ©SOPHIABENNETT EXAM SOLUTIONS_2024/2025 Tuesday, September 3, 2024 10:30 AM


Account - Answer✔️✔️-How we classify something

Balance Sheet Consists of - Answer✔️✔️-Assets, liabilities, and owner's equity

Balance Sheet - Answer✔️✔️-Is a statement of the balances within all of the assets,

liabilities, and owner's equity summary accounts

Fundamental Accounting Equation - Answer✔️✔️-Provides demonstration of the balance

that is required between the assets, liabilities, and owner's equity summary accounts

GAAP - Answer✔️✔️-Generally Accepted Accounting Principles. Common set of

accounting principles standards, and procedures. Codified by the Financial Accounting

Standards Board

International Financial Reporting Standartds - Answer✔️✔️-Established and maintained

by the International Accounting Standards Board. Used by many multinational

companies in the US and Canada.

Internal Reporting - Answer✔️✔️-Numerous activities must be monitored and reported to

properly mange real property such as: tenant collections, vendor payments, and

monthly operating results.

External Reporting - Answer✔️✔️-Income Statement

Balance Sheet

Cash Flow Statement

Cash Flow Statement - Answer✔️✔️-Describes the changes in cash from one period to

the next




Page | 2

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller SophiaBennett. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81113 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart