Which Formula Should Be Used to Determine the Net Flow

question 8

Multiple Choice

Which formula should be used to determine the Net Flow values in cell K6 in the following spreadsheet model?

• A)SUMIF($C$6:$C$16,I6,$B$6:$B$16)-SUMIF($E$6:$E$16,I6,$B$6:$B$16)
• B)SUMIF($I$6:$I$12,B6,$B$6:$B$16)-SUMIF($I$6:$I$12,I6,$B$6:$B$16)
• C)SUMIF($E$6:$E$16,I6,$B$6:$B$16)-SUMIF($C$6:$C$16,I6,$B$6:$B$16)
• D)SUMPRODUCT(B6:B16,G6:G16)

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Definitions:

External Audit

An external audit is an independent examination of financial records and operations conducted by an outside entity to ensure accuracy and compliance with regulations.

Discrepancies

Differences or inconsistencies found when comparing two sets of data or reports, often requiring further investigation.

External Auditors

Independent auditors who examine the financial statements of an entity to ensure accuracy and compliance with applicable standards.

Internal Controls

Procedures and policies implemented by a company to ensure the integrity of financial and accounting information, promote accountability and prevent fraud.