Accounting

Reflection Activity

Step #6-Relection (the questions in this section are to be answered on this document and uploaded at the course website)

a. Once you have completed Steps #1-5 then it is time to reflect on your personal financial situation. Back in Chapter 1 you completed Worksheet 1.1 (p. 14) which laid out your short-term, intermediate, and long-term goals. Does evaluating the information on your personal financial status on your personal balance sheet and income/expense statement cause your goals to change at all?

No, everything I budgeted for was on both worksheets, nothing changed and nothing was unexpected.

b. How good a job did you do of budgeting in your opinion? Do you think that you were able to do a good job of estimating your income and expenses on the Monthly Household Budget? Did you have an large differences (variances) between your budgeted amounts and actual amounts that surprised you? Did you have an overall difference that was positive or negative?

I feel like I was right on target with my budget worksheet. There isn’t many things I pay for that fluctuates, but for those, I plan over the amount actually needed just to make sure I don’t come up short handed. I didn’t have very much variances, I think it was $109.00 in the positive.

c. On your Personal Income & Expense Statement did you have a cash surplus or cash deficit for the month? What would you attribute that to? There is a good chance as a student that you have a cash deficit or a very small cash surplus? How do you plan to increase that in the future? Was that plan to increase your cash surplus part of your plan from Chapter 1’s goals? Are there areas on the Personal Income & Expense Statement that you feel like you can improve upon? What are they? What areas do you feel like are managing and controlling well already?

There was cash surplus, attributing that to the planned income for the month of February, tax refund received, school financial aid received, and...