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Sets with similar termsSets found in the same folderOther sets by this creatorVerified questions
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.
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ACCOUNTING
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ACCOUNTING
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ACCOUNTING
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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
direct project overhead
fixed
coordination
general and administrative overhead
Project estimates should be broken down into as much detail, and with as much accuracy, as possible.
false
true
False
Estimating can be challenged by
size of the project.
difficulty in predicting the future.
All of these alternatives are correct.
human nature.
political dynamics.
All of these
All task time estimates need consistent time units.
false
true
True
Mega projects are large-scale, complex ventures that typically cost _______ or more and take many ______ to complete.
$500,000, months
$10 billion, years
$10 million, quarters
$1 billion, years
$1 million, months
$1 billion, years
Which of the following would best represent direct project costs?
Both labor and materials
Only labor
Only equipment
Labor, materials and equipment
Only materials
Labor, materials and equipment
Organization culture can significantly influence project time and cost estimates.
false
true
True
In practice, estimating processes are frequently classified as
top down/bottom up.
broad/specific.
rough/polished.
draft/final.
precise/order of magnitude.
top down/bottom up.
The project management structure chosen to manage the project will have little impact on the quality of estimates.
false
true
False
The process of forecasting or approximating the time and cost of completing project deliverables is called planning.
false
true
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
true
False
The salary of the project manager and temporary rental space for the project team would be classified as __________ costs.
interaction
direct
general and administrative overhead
direct project overhead
fixed
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.
hidden interaction costs.
changes in project scope.
things going wrong on a project.
uncertain, unstable requirements.
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
True
The process of forecasting or approximating the time and cost of completing project deliverables is called
guesstimating.
budgeting.
planning.
estimating.
predicting.
Estimating
Mega Projects often under deliver on expected benefits and cost more than expected.
false
true
True
Past experience is almost always used primarily in the initial phases of estimating.
false
true
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
padding estimates
project
complexity
planning horizon
organizational culture
A good starting point for developing time and cost estimates is
work packages.
work breakdown structure.
task analysis.
time and motion studies.
past experience.
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
Ratio
Function point
Template
Learning curve
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