Accounting Question

Using the budget you submitted in Homework #2, you will record your actual February 2024
income and expenses and compare it to what you had originally budgeted. To do this, you will
need to complete the HW6 tab found in the HW 2 and 6 spreadsheet that you submitted for
HW2.
Then, in a separate Word file, outline your thoughts on the budgeting exercise, noting any
major discrepancies greater than $50. This one page write-up should also include your thoughts
on ways to improve your budget for the remainder of the semester.
GUIDELINES:
Complete the ‘HW 2 and 6’ excel spreadsheet using your actual income and expenses. Each
day’s activities should be listed on each row.
Some ideas to include on the write-up (note that you do not have to include all of them):
Compare how much you thought you would bring in income and how much you actually
earned. Why is there a difference? Do you need to revise your next few months’ income on the
semester budget? What are some ways you can increase your income over this semester?
Compare how much you thought you would spend and how much you actually spent. Did you
budget your fixed expenses like Rent, Car Payment, etc. correctly? How close were you
budgeted variable expenses like groceries, eating out, etc.? Do you need to revise your next few
months’ expenses on the semester budget? Were there items you forgot to budget? What are
some easy ways you can reduce your expenses over this semester?
Now that you have begun tracking your income and expenses, do you plan to continue
monitoring your budget? Why or why not? What are your thoughts on the overall budget
process?
The write-up should be approximately 1 full page. If you want to write more than 1 page, that is
fine. See Syllabus for Professionalism.