Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Fundamental Accounting Equation

Financial Accounting

1. Introduction to Accounting

Fundamental Accounting Equation

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Multiple Choice

Earned value can be based on percent completion of which of the following?

Accounts payable

Inventory purchased

Work performed

Cash received

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Verified step by step guidance

Understand the concept of earned value: Earned value is a project management metric that measures the value of work performed based on the percentage of completion of tasks or activities. It helps in assessing project progress and performance.

Identify the correct basis for earned value: Earned value is calculated based on the work performed, not on accounts payable, inventory purchased, or cash received. This is because earned value reflects the actual progress of the project rather than financial transactions or inventory levels.

Clarify why work performed is the correct basis: Work performed directly correlates to the completion of tasks and activities within a project. It provides a tangible measure of progress, which is essential for calculating earned value accurately.

Exclude incorrect options: Accounts payable, inventory purchased, and cash received are financial metrics that do not directly measure the progress of work performed. They are related to financial management rather than project performance measurement.

Apply the concept in practice: To calculate earned value, determine the percentage of completion for each task or activity, multiply it by the planned value (budgeted cost of work scheduled), and sum up the values for all completed tasks to get the total earned value.