ECE4001_Exam_2_Su08_Solutions - ECE 4001 - Project...

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ECE 4001 -- Project Engineering and Professional Practice EXAM #2 Solutions July 17, 2008 Page 1 of 7 Problem 1. General Knowledge (20 points, 2 points each) For each of the following questions, circle either TRUE or FALSE, the LETTER that most closely represents the correct answer, or fill in the blanks. A. The Central Limit Theorem states that a. All random processes tend towards a zero mean and a unit variance. b. All natural processes are random in nature. c. An ensemble of a large number of dependent processes will have a collective probability distribution that is normal (Gaussian). d. None of the above The best answer is “d”, “None of the above”, but “c” is close to being correct. It would be entirely correct if the word “dependent” were changed to “independent”. B. In accounting, for every credit entry there is a debit entry on the asset side of TRUE FALSE the balance sheet. The correct answer is FALSE. Credit and debit entries can occur in accounts on either the credit or debit side of the balance sheet, i.e., only overall account balances appear on the balance sheet, not individual accounts, and each account can have either credit or debit entries. C. The Modified Accelerated Cost Recovery System depreciates equipment at a rate faster TRUE FALSE than the Sum-of-years Digits method The correct answer is TRUE. The MACRS method is the fastest depreciation rate schedule allowed by the US government for declaring expenses on Federal tax returns. A company can use any method so long as it is not “faster” than the MACRS method, and the Sum-of-years Digits method is actually a slower rate that the MACRS method. D. PERT charts used in project management have an advantage over CPM charts because TRUE FALSE they more clearly show the timeline for the overall project. The correct answer is FALSE. Neither PERT nor CPM chart have a timeline directly displayed. Both show the times required for each tasks, but neither show tasks along a calendar timeline. E. In a brainstorming session it is desirable to be critical of every idea as it is presented. TRUE FALSE Otherwise, some really stupid ideas may result from the session, thereby wasting time resources. The correct answer is FALSE. In brainstorming sessions, no idea should be criticized. Otherwise, participants will hold back presenting their ideas, because they would rather do this than have their idea “shot down.”
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Name: SOLUTION Student #: July 17, 2008 2 ECE 4001 Exam #2 Solutions F. Write down the basic accounting equation. Assets = Liabilities + New Worth, or any reasonably presented variation of this equation.
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This note was uploaded on 06/09/2009 for the course ECE 4001 taught by Professor Frazier during the Fall '09 term at Georgia Institute of Technology.

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ECE4001_Exam_2_Su08_Solutions - ECE 4001 - Project...

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