CPA BEC TOP Study Guide Exam Questions and CORRECT Answers

Internal controls Process that is designed and implemented by an organization's management , board of directors and other employees to provide reasonable assurance that it will achieve its compliance, operating, and reporting objectives Cost Estimation Method: Parametric Estimating A cost estimation method that relies on a statistical relationship between historical costs and other variables, such as square footage. Cost Estimation Method: Analogous estimating A cost estimation method that says the cost of similar sized project conducted in the past is used to approximate the cost of the current project. Cost Estimation Method: Work Breakdown Structure Estimation (WBS) A bottom-up analysis because each activity is estimated and the the cost of each activity are aggregated to form the project budget