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NEW QUESTION: 1
If the cost variance is the same as the schedule variance and both numbers are greater than zero, then______________
A. The cost variance is due to the schedule variance
B. The schedule variance can be easily corrected
C. The variance is favorable to the project
D. Labor rates have escalated since the project began
Answer: C
Explanation:
Explanation/Reference:
Explanation:
A positive schedule variance indicates that the project is ahead of schedule. A positive cost variance indicates that the project has incurred less cost than estimated for the work accomplished; therefore, the project is under budget.

NEW QUESTION: 2
Rachael Hirshliefer, CFA manages accounts of various clients from differing demographics and risk tolerances. Her firm purchases third party research and she follows up the recommendations with her own analysis. After she reaches a decision to buy or sell a particular asset, she does the same trades for all her clients. Has Hirshliefer likely violated the Standards?
A. Yes, Priority of Transactions.
B. Yes, Suitability.
C. No.
Answer: B
Explanation:
Clients may have differing risk-return objectives.

NEW QUESTION: 3
You are the project manager of GHT project. During the data extraction process you evaluated the total number of transactions per year by multiplying the monthly average by twelve. This process of evaluating total number of transactions is known as?
A. Reasonableness test
B. Simplistic and ineffective
C. Controls total
D. Duplicates test
Answer: A
Explanation:
Explanation/Reference:
Explanation:
Reasonableness tests make certain assumptions about the information as the basis for more elaborate data validation tests.
Incorrect Answers:
A: The duplicate test does not identify duplicate transactions; rather it identifies and confirms the validity of duplicates.
B: The control total test does not ensure that all transactions have been extracted, but only ensures that the data are complete.
C: As compared to simplistic, the reasonableness test is a valid foundation for more elaborate data validation tests.