Accounting Question

Using the budget you submitted in Homework #2, you will record your actual February 2024income and expenses and compare it to what you had originally budgeted. To do this, you willneed to complete the HW6 tab found in the HW 2 and 6 spreadsheet that you submitted forHW2.Then, in a separate Word file, outline your thoughts on the budgeting exercise, noting anymajor discrepancies greater than $50. This one page write-up should also include your thoughtson ways to improve your budget for the remainder of the semester.GUIDELINES:Complete the ‘HW 2 and 6’ excel spreadsheet using your actual income and expenses. Eachday’s activities should be listed on each row.Some ideas to include on the write-up (note that you do not have to include all of them):Compare how much you thought you would bring in income and how much you actuallyearned. Why is there a difference? Do you need to revise your next few months’ income on thesemester budget? What are some ways you can increase your income over this semester?Compare how much you thought you would spend and how much you actually spent. Did youbudget your fixed expenses like Rent, Car Payment, etc. correctly? How close were youbudgeted variable expenses like groceries, eating out, etc.? Do you need to revise your next fewmonths’ expenses on the semester budget? Were there items you forgot to budget? What aresome easy ways you can reduce your expenses over this semester?Now that you have begun tracking your income and expenses, do you plan to continuemonitoring your budget? Why or why not? What are your thoughts on the overall budgetprocess?The write-up should be approximately 1 full page. If you want to write more than 1 page, that isfine. See Syllabus for Professionalism.