After Reviewing the Project Scope Statement, the Owner Specifies That

question 80

Multiple Choice

After reviewing the project scope statement, the owner specifies that costs MUST stay within $400,000. This criterion is classified as

• A) constrained.
• B) enhanced.
• C) accepted.
• D) limited.
• E) fixed.

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Definitions:

GAAP

Generally Accepted Accounting Principles, which are a standardized set of accounting rules, procedures, and conventions for reporting financial information.

IFRS

International Financial Reporting Standards are worldwide guidelines for accounting, utilized in the creation of financial statements.

Depreciation

Apportioning the cost of a tangible asset in a systematic way over its period of usefulness.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made for accruals, deferrals, and errors, ensuring the total debits equal the total credits.