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BOMI- BUDGETING AND ACCOUNTING
FINAL EXAM ACTUAL QUESTIONS
AND ANSWERS SOLVED C ORRECTLY
Question : Scenario - Chapter 1. Harold, an experienced
finances manager for Beach Properties, hired Janet and is reviewing the various aspects of budgeting and accounting that she will need to understand and perform.Although she majored in finance at the local college, she lacks real world experience. As Harold works with her over the next few weeks, he will seek to gauge her level of understanding of budgeting and accounting fundamentals.
He will also have her perform some basic tasks. To the degree that she succeeds, she will move on to more important and complicated projects. To the degree that she fails, Harold will provide additional training and support.
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"Janet, your main job function for the next few months will be to record and classify transactions" says Harold."In other words, you will be performing the process of..Blank..
- accounting b. bookkeeping
- budgeting d. financing
Correct answer: b. bookkeeping
Question : To the degree you are able to assume the role
of accountant, Harold informs Janet, you'll engage in many more functions. However you will not be responsible for ....Blank ... Financial data
Correct answer: B. memorizing
Question : If Janet performs an accounting function, she
will.. blank...financial data.
- classify
- identify
- interpret
- record
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Correct answer: c. interpret
Question : remember Janet, that when we create our
budget, we make a plan for the financing expenditures in the ...Blank..., says Harold
Correct answer: d. next year
Question : 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
Correct answer: d. expenditure
Question : When Janet "balances the books" (or the
summary accounts), she will basically be dealing with:
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- assets, liabilities, and owner's equity.
- tax planning, revenues, and liabilities.
- liabilities, budgets, and owner's equity.
- owner's equity, capital, and tax planning.
Correct answer: a. assets, liabilities, and owner's equity
Question : Janet," asks Harold, "if the company takes out
a loan to make capital purchases, how would you record this?" To be correct, Janet should record the money received as a________in Assets and as a__ in Liabilities.
- debit; debit
- debit; credit
- credit; debit
- credit; credit
Correct answer: b. debit; credit
Question : Day after day, Janet records debits and credits
for each entry to the balance sheet. This pro- cess is referred to as accounting.