When Using Earned Value Techniques,Actual Cost (AC)refers to Realized Cost

question 24

True/False

When using earned value techniques,Actual Cost (AC)refers to realized cost incurred for the work performed on an activity during a specific time period.

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Definitions:

Voucher System

A control procedure in accounting where vouchers are used to authorize and document transactions before payment is made.

Supporting Documents

Documentation that provides evidence for financial transactions, serving as a basis for recording entries in the accounting system.

Internal Control

Procedures and policies implemented by a company to safeguard assets, ensure accurate reporting, and comply with laws and regulations.

Customer's Ledger

A ledger that contains the individual accounts of customers, showing their transactions and balances.