Accounting Homework: Creating Your Personal Budget
For this homework, you will apply what you have learned in this unit to a small business. To get the business's finances under control, you need to prepare a budget. You may consider items from your personal finances and cash flow to help you identify possible expense items for the small business budget. Research the CSU Online Library or the Internet for steps to creating a personal budget.
Monthly expenses might include rent, utility costs, personal loans, car loans, credit cards, groceries, childcare, vehicle maintenance costs and insurance, phone charges, and cable or streaming costs. Cash flow considerations might include monthly salaries, commissions, and allowances.
You can use any budget format that you are comfortable with, or you may select a free template. Your budget should be completed using Excel. Once you have completed your budget, in a separate Word document, address the information below.
i. How can the use of the budget be used in the planning process?
ii. How can this financial information influence short-term and long-term decisions?
iii. Based on your personal budget, what are your static expenses? What are your flexible expenses?
iv. As an accountant, reflect on how you can use what you have learned in this activity in the workplace.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.