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ACCOUNTING In your working papers, record the following transactions in a cash receipts journal (page 14) and a cash payments journal (page 16). $$ \begin{array}{ll} \text{Date} & \text{Transactions}\\ \text{June 10} & \text{InBeat CD Shop borrowed \$6,000 from BankOne by issuing }\\ \text{ } & \text{a 60-day, non-interest-bearing note payable (proceeds,}\\ \text{ } & \text{\$5,901.37) that the bank discounted at 10\\%, Note 67. }\\ \text{Aug. 9} & \text{Issued Check 205 for \$6,000 in payment of the note issued}\\ \text{ } & \text{June 10 and recorded the interest expense.}\\ \text{30} & \text{Borrowed \$16,000 from Citizens Bank by issuing a 120-day,}\\ \text{ } & \text{non-interest-bearing note payable less the 10.5\\% bank discount}\\ \text{ } & \text{of \$552.33, Note 68.}\\ \text{Dec. 28} & \text{Issued Check 398 in payment of the note issued on August 30}\\ \text{ } & \text{and recorded the interest expense. }\\ \end{array} $$ Explain why the account Discount on Notes Payable is used. Verified answer
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Terms in this set (20)Costs that are not directly related to a specific project, such as advertising, accounting, and senior management's salary, are classified as _____________ costs. direct general and administrative overhead Project estimates should be broken down into as much detail, and with as much accuracy, as possible. false False Estimating can be challenged by size of the project. All of these All task time estimates need consistent time units. false True Mega projects are large-scale, complex ventures that typically cost _______ or more and take many ______ to complete. $500,000, months $1 billion, years Which of the following would best represent direct project costs? Both labor and materials Labor, materials and equipment Organization culture can significantly influence project time and cost estimates. false True In practice, estimating processes are frequently classified as top down/bottom up. top down/bottom up. The project management structure chosen to manage the project will have little impact on the quality of estimates. false False The process of forecasting or approximating the time and cost of completing project deliverables is called planning. false False After averaging out the underestimates and overestimates, a long-duration project is more likely to be on target than a short-term, small project. false False The salary of the project manager and temporary rental space for the project team would be classified as __________ costs. interaction direct project overhead Refining estimates may be necessary for a number of reasons. For example, design flaws being revealed after the fact, extreme weather conditions, and accidents occurring are good examples of normal conditions not applying. things going wrong on a project. Estimates are supposed to be based on normal conditions. While this is a good starting point, it rarely holds true in real life. false True The process of forecasting or approximating the time and cost of completing project deliverables is called guesstimating. Estimating Mega Projects often under deliver on expected benefits and cost more than expected. false True Past experience is almost always used primarily in the initial phases of estimating. false True The estimating factor that considers the prevailing belief in some firms that detailed estimating takes too much time and is not worth the effort is an example of the ___________ factor. people organizational culture A good starting point for developing time and cost estimates is work packages. past experience. A project leader is estimating the time and cost of developing an intranet for a new customer. Her department has completed six such intranets for customers during the last two years. Although the proposed system is about the same size as the others, she estimates that it will take about 10 percent less time and money. Which of the following methods is she using? Apportion Learning curve Sets with similar termsIS 378 548 terms brandie_hanson Chapter 5-EBTM 44348 terms Linh_Nguyen353 Chapter 5-EBTM 44348 terms whitneyb110 IS 378 148 terms brandie_hanson Sets found in the same folderProject Management CH 1610 terms Dennis_Vinup Project Management Ch 120 terms Dennis_Vinup Project Management CH 220 terms Dennis_Vinup Project Management CH 320 terms Dennis_Vinup Other sets by this creatorProject Management CH 1510 terms Dennis_Vinup Project Management CH 1420 terms Dennis_Vinup Project Management CH 1320 terms Dennis_Vinup Project Management CH 1220 terms Dennis_Vinup Recommended textbook solutionsOperations Management: Sustainability and Supply Chain Management12th EditionBarry Render, Chuck Munson, Jay Heizer 1,698 solutions
Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Operations Management: Sustainability and Supply Chain Management12th EditionBarry Render, Chuck Munson, Jay Heizer 1,698 solutions Other Quizlet setsWeathering and Soil Formation Quiz Review30 terms MrsStarkovich Ch. 5 and 619 terms Megan_Duncan32 Geology105 terms SkeeterTill Ecology Final227 terms Tiffanyb54 What is a good starting point for developing time and cost estimates?A. Past experience. Past experience is a good starting point for developing time and cost estimates.
What are the benefits of using past project estimates and actuals to create a new project estimate quizlet?These costs include organization costs across all products and projects such as advertising. What are the benefits of using past project estimates and actuals to create a new project estimate? Actuals from past projects provide benchmark measurements. Past projects can provide specific work package information.
Why is it important to develop good cost estimates?Cost estimation helps you achieve what you say you're going to achieve within the financial constraints you're given by executives and stakeholders. As one of the defining features of successful progress, accurate project cost estimation must take a front seat when it comes to setting up a project's parameters.
What are the factors that influence the quality of cost estimates?Factors Affecting Construction Cost Estimation. Similar Construction Projects. ... . Construction Material Costs. ... . Labor Wage Rates. ... . Construction Site Conditions. ... . Inflation Factor. ... . Project Schedule. ... . Quality of Plans & Specifications. ... . Reputation of Engineer.. |
Why is past experience the best starting point for creating quality time and cost estimates quizlet?
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