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

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.