Question
A. Budget versus Actual Spending Comparison Chart Complete the following chart for your budget versus actual spending: Category Budgeted Actual Pay Myself First $181 $167.17
Complete the following chart for your budget versus actual spending:
| Category | Budgeted | Actual |
| Pay Myself First | $181 | $167.17 |
| Car Payment | $0 | $0 |
| Car Insurance | $0 | $0 |
| Gaming | $42.00 | $149.16 |
| Savings | $115.99 | $50.39 |
| Gas | $88.00 | $108.12 |
| Food | $152.99 | $357.49 |
| Clothes | $ 120.00 | $69.05 |
| Entertainment | $41.00 | $75.39 |
| School Supplies | $75.00 | $62.58 |
| Activities | $50.00 | $226.60 |
| Charity | $17.00 | $14.18 |
| Other | $64 | $401.52 |
| TOTAL | $954 | $1,681.89 |
B. Reflection:
1. How did you perform in terms of spending within your budget? Explain and provide specifics for expense categories for which you budgeted and what you actually spent.
2. When spending in February, did you consult your budget to make sure you were not overspending? Why or why not?
3. If you stayed within your budget, how did you accomplish that?
4. If you blew the budget, why do you think that happened?
5. With the benefit of hindsight, what would you have done differently when preparing your budget? Explain.
6. With the benefit of hindsight, would you have adjusted your spending during the month? Explain.
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
