Which Formula Should Be Used to Determine the Net Flow

question 49

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:

Compounded Annually

Interest calculation method where the interest earned is added to the principal at the end of each year, then the new total earns interest.

Check Register

A record of all transactions in a checking account, including checks written, deposits made, fees paid, ATM withdrawals, and so on.

Bank Statement

A statement that includes all transactions that have occurred for a period of approximately one month.

Discrepancies

Differences or inconsistencies found within related facts, figures, or statements, often requiring further investigation or adjustment.