What is the percent complete rule and what role does it play when developing an earned value cost/schedule system?
Fill in the blank(s) with the appropriate word(s).
Answer will vary
The percent complete rule is used when someone familiar with each task estimates what percent of the task has been completed or how much of the task remains. The best method for assigning costs to the baseline under this rule is to establish frequent checkpoints over the duration of the work package and assign completion percentages in dollar terms. Once percent complete has been established, earned value can be determined.
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What will be the final balance in the corporation's Retained Earnings account after recording the closing entries?
An adjusted trial balance is given below.
A) $25,800
B) $26,800
C) $14,000
D) $2,800
Cimarron Company cash count at the end of the day is reported as $2,459, while the cash register tape reports $2,315 . The amount of the change fund is $150 . To record revenue earned for the day, Cimarron Company would record a
a. debit to Cash, $2,459 . c. credit to Cash Short and Over, $6. b. debit to Cash Short and Over, $6. c. credit to Income from Services, $2,459. d. complete the work sheet.
Total net income over the life of an enterprise is
a. higher under the cash basis than under the accrual basis. b. lower under the cash basis than under the accrual basis. c. the same under the cash basis as under the accrual basis. d. not susceptible to measurement.
A new partner contributes accounts receivable to a partnership which appear in the ledger of his sole proprietorship at $ 20,500 and there was an allowance for doubtful accounts of $ 750. If $600 of the accounts receivables are completely worthless, the partnership accounts receivable should be debited for $19,900
Indicate whether the statement is true or false