Chp 8 WK 04 HW.docx - ,p ract i ce Chapter 8 Questions 1 What are the steps to create a Profit and Loss budget Click the gear icon add budget then click

Chp 8 WK 04 HW.docx - ,p ract i ce Chapter 8 Questions 1...

This preview shows page 1 out of 1 page.

- --:_ , p r a ct i ce Chapter 8 Questions 1What are the steps to create a Profit and Loss budget? Click the gear icon, add budget then click next. 2What value do budgets provide a business? Budgeting allows business owners to not only plan expenses but also to 3Why should a business reconcile a checking account? For good internal control. 4Who should prepare a bank reconciliation? The company accountant 5Explain the difference between the Budget Overview report and the Budget vs. Actual report. The Budget Overview Report gives you your companies budgeted monthly revenues and expenses. budget vs actualreport lets you compare your company's actual revenues and expenses to your company's budgeted amounts and gives you your variance.6What button is used to replicate amounts across several months in the budget worksheet? Use the copy across button.7How do you know if you have correctly reconciled an account? Review your opening balance, start your

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture