The Textbook Suggested That Before Using the Formula Auditing Tools

question 15

Essay

The textbook suggested that before using the formula auditing tools, you take the following three steps: fix obvious errors; use the Error Alert button; and examine the formula. Please briefly describe each of these steps.

---

Definitions:

Loss

The amount of money a business loses when its expenses exceed its revenues.

Sale

The exchange of goods or services for money, representing a fundamental activity of business operations.

Plant Asset

Long-term tangible assets used in the operations of a business that are not intended for resale, such as machinery, buildings, and vehicles.

Income Statement

A financial document that shows a company's revenues, expenses, and net income over a specific period of time.