Which of the Following Illustrates Whether and How Much the Project

question 8

Multiple Choice

Which of the following illustrates whether and how much the project will be over budget or under budget at completion?

• A)variance at completion
• B)schedule variance
• C)estimate to complete
• D)budget at completion

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Definitions:

Ending Inventory

At the close of an accounting period, the value of products available for sale is calculated by taking the initial inventory, adding any purchases, and then deducting the cost of goods sold.

Cost Flow Assumption

An accounting method that determines the cost of goods sold and ending inventory valuation, examples include FIFO, LIFO, and weighted average.

LIFO

Last In, First Out, is an inventory valuation method assuming that goods purchased last are the first to be sold.

FIFO

First In, First Out, a method used in accounting to manage inventory and financial matters where the first items placed in inventory are the first sold or used.