List and Describe the Three Values Calculated for an Activity

question 8

Essay

List and describe the three values calculated for an activity in earned value management.Give examples of each.

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Definitions:

Internal Control

Methods and systems put in place by an organization to guarantee the accuracy of financial and accounting data, encourage responsibility, and deter dishonest practices.

Voucher System

A method of accounting in which a record is kept for each transaction, detailing the necessary approvals and documentation.

Source Documents

Original records that provide evidence of financial transactions, such as receipts, invoices, or bank statements.