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 Psi%u2019s performance 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: Today%u2019s Date

3. Merge and center the date across columns A%u2013 D.