Based on the formatting option used in the exercise, do the negative (red) variances represent amounts that are over or under budget?

An excel sheet, about accounting, about 15 steps

EXCEL APPLICATION EXERCISE
1-53 Budgets and Performance Evaluation
Goal: Create an Excel spreadsheet to prepare a performance report, and use the results to answer questions about your findings.
Scenario: Beta Alpha Psi, the accounting honorary fraternity, has asked you to prepare a performance report about a homecoming party that it recently held. The background data for Beta Alpha Psis per-formance report appears in the Fundamental Assignment Material 1-A2.
When you have completed your spreadsheet, answer the following questions:
1. Based on the formatting option used in the exercise, do the negative (red) variances represent amounts that are over or under budget?
2. Which cost/costs changed because the number of attendees increased?
3. Did the fraternity stay within the budgeted amount for food on a per person basis?
Step-by-Step:
1. Open a new Excel spreadsheet.
2. In column A, create a bold-faced heading that contains the following:
Row 1: Chapter 1 Decision Guideline Row 2: Beta Alpha Psi Homecoming Party Row 3: Performance Report
Row 4: Todays Date
3. Merge and center the date across columns AD.
4. In row 7, create the following bold-faced, right-justified column headings:
Column B: Budget Column C: Actual Column D: Variance
5. In column A, create the following row headings: Row 8: Room rental
Row 9: Food
Row 10: Entertainment
Row 11: Decorations Row 12: Total costs Skip a row.
Row 14: Attendees Skip a row.
Row 16: Food per person
6. Use the data from Fundamental Assignment Material 1-A2 and enter the budget and actual
amounts for room, food, entertainment, decorations, and attendees.
7. Use budget minus actual formulas to generate variances for each of the cost categories.
8. Use the SUM function to generate total costs for the budget, actual, and variance columns.
9. Use a formula to generate the per person food amount for the budget and actual columns.
10. Format all amounts as follows:
Number tab: Category: Decimal places:
Symbol:
Negative numbers:
Currency
0
None
Red with parentheses
11. Change the format of the food per person amounts to display two decimal places and a dollar symbol.
12. Change the format of the room rental and total cost amounts to display a dollar symbol.
13. Change the format of the total costs data (row 12) to display as bold faced.
14. Change the format of the total costs heading to display as indented:
Alignment tab: Horizontal: Left (Indent) Indent: 1
15. Save your work, and print a copy for your files.
that is the step for excel

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