BOMI- BUDGETING AND ACCOUNTING ACTUAL EXAM

BOMI- BUDGETING AND ACCOUNTING (ACTUAL / ) EXAM

QUESTION AND ACCURATE ANSWERS

Although it has not proven to be a problem, Natalie reminds her colleagues that, from a legal perspective,..blank.. income received by the owner of a property is considered to be rent. - ---Answers----a. all

• most
• some
• no

Among the ..blank..expenses that Natalie can look to for recapturing purposes are real property and operating expenses, common area maintenance charges, and electricity. - --- Answers----a. unusual billable

• unusual nonbillable
• common billable
• common nonbillable

Among the staff at a commercial property, which roles are typically responsible for reviewing tenant financial statements - ---Answers----a chief financial officer, controller or some other certified accounting professionals complete a more thorough of the audited financials provided by tenants

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Among the various assets Dan has to properly handle, which is an example of an intangible asset with expenses that are usually amortized? - ---Answers----a. new roof

• furniture
• tenant moving allowances
• the building itself

and alterations, information about keys and locks, billings, and financial reports - ---Answers----

and each transfer must have a debit and a credit. these transfers , complete with a debit and a credit are know as journal entries - ---Answers----assuming the journal entries are properly prepared, assets should equal liabilities plus owners equity after all transfers are made

and how it is spent. Fortunately, he has a reliable staff that keeps good records and lets him know when problems arise. - --- Answers----

and total disbursements are transferred to the cash account as a ......? - ---Answers----credit

As he has worked with tenants (both current and prospective) over the years, Miguel continually reminds them of the main 2 / 4

function of a lease. The lease's main function is to protect the

interests of the: - ---Answers----a. bank and the landlord.

• landlord and the tenant.
• government and the bank.
• tenant and the government.

As Nestor does not yet use the BOMA Chart of Accounts, he will need to ensure that the line items and the expense detail line items correspond with the information reported for the Glass Spire so that he can compare his data to that shown in BOMA's Experience Exchange Report. - ---Answers----a. summary

• averaged
• median
• sample

As Rudy meets with the mall staff, he hears many opinions about the "real" reason building costs vary. Of course, he already knows that the most typical factor affecting variation in building

costs is: - ---Answers----a. inflation.

• occupancy.
• building usage.
• government regulation.
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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 - ---Answers----

At lunch, Janet tells a friend that some of the job functions she will be performing include acquiring property, paying for it, and reporting on what is acquired and paid for. "Oh," her friend correctly notes, "then you'll be involved in the....BLANK..cycle of accounting."

• asset
• control
• revenue
• expenditure - ---Answers----d. expenditure

• $0.90 - ---Answers----

• $31,250 - ---Answers----

• 12 months - ---Answers----

• add back interest expense to income before taxes - ---

Answers----

• annual - ---Answers----
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