InstructionsCreate a budget for an event. The budget should have a set of incomes and a set ofexpenses. Each income and expense should have values for "name", "budget amount","actual amount", and "difference from budget". Create space for totaling the incomesand totaling the expenses. Also create space for the income total minus the expensetotal (i.e. Net).The values you use for the budget and actual do not have to be accurate to any realevent, but please keep the realistic. Ensure that you are using formulas wereappropriate. Include any visualization that you think would be helpful to a viewer ofthis report.

To complete this problem, you'll create a budget for an event in a spreadsheet program like Excel or…

Answered: Instructions Create a budget for an…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter3: Financial Statements, Tools, And Budgets

Section3.5: Reaching Your Goals Through Budgeting:

Problem 2CC

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Similar questions

When preparing a budget, A.GST is a necessary cost of doing business B.GST is only necessary for income items as this is remitted to the ATO C.GST needs to be factor as generally the amount owing to the ATO is greater than what the ATO owes D.GST is levied on all items of a business
Which of the following accounts would appear on a budgeted balance sheet? Multiple Cholce All of the choices are correct. Income tax expense. Accounts receivable. Sales commissions. Depreciation expense.
Each of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example. A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans. The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions. "Responsibility accounting" is a concept under which managers are held accountable for transactions and events ( beyond / under ) their direct influence and control. Some entities will follow a top-down( mandated / participative ) approach to budgeting. A deliberate effort to create "breathing room" within a budget is known as ("padding the budget" / "aerating" ). With ( incremental budgeting /…
1. Describe the difference between a static and a flexible budget 2. Outline how often businesses must report GST 3. Describe a method that can be used to evaluate a budget or financial plan.
The budgeted income statement is prepared by integrating all of the following EXCEPT the a.budgeted balance sheet. b.cost of goods sold budget. c.selling and administrative expenses budget. d.sales budget.
Which of the following appears on the budgeted balance sheet? * A. estimated sales B. estimated cost of goods sold C. estimated fixed selling expense D. estimated ending accounts receivable
how can I apply MIS ( management information system ) successfully in this topic: A PERSONAL BUDGETING/EXPENDITURE SYSTEM (TRACKING OF EXPENSES AND INCOME, REPORTING DEFICITS)
Select each of the terms with the best description of its purpose. 1. Helps determine financing needs. Definitions 2. The usual starting point in the master budget process. 3. A report that shows predicted revenues and expenses for a budgeting period. 4. A budgetary cushion used to meet performance targets. 5. A comprehensive plan that consists of several budgets that are linked. 6. Employees affected by a budget help in preparing it. Terms
Activity-based budgeting is a budget system based on expected activities. Describe activity-based budgeting, and explain its preparation of budgets. How does activity-based budgeting differ from traditional budgeting?
1. Explain how operating budgets are prepared. 2. Explain the importance of preparing an operating budget.
Explain clearly
Which of the following is a use of budgets for control? *A. plans can be made for the futureB. communication is improvedC. if conditions change between the formation of the budget and the current time, budgets can be quickly adaptedD. budgets set a standard against which results can be compared

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