Development and communication of complete, accurate information on capabilities is an. Before using a printed copy, verify that it is the most current version by checking the document revision on office of. When work cannot be fully scoped outserves as a placeholder think. Control account and work package planning procedure 1 control account and work package planning procedure 1. Once the project scope is divided in the form of work breakdown structure, work packages, and activity. It can be understood with the help of a simple example. Control accounts are generally either types of costs internal labor, external labor, software, infrastructure, or costs associated with major work efforts project phases or work streams. Use workpackages to control locking in bi integrated planning in planning projects we typically have the situation that each user is responsible for a certain workpackage. Many pmp students have trouble understanding the difference between a planning package and a work package.
The control account keeps the general ledger free of details, but still has the correct balance for preparing the companys financial statements. Control accounts are added to the cost worksheet using the add button on the top menu. Accounting principles question paper, answers and examiners. Budgets, actuals, and forecasts are managed at a lower level, called control elements.
Project control system manual 2 100 introduction a. Module 4 budgeting 9 control accounts a control account is an assigned wbs level used to monitor the cost and schedule performance of a significant element of the work. I know they are related to wbs one of them control account is meant to help identify the work packages and to help accounting dept pay the work accomplished. Windows server 2016 windows server 2012 windows 2008 r2. As a result accountants use control accounts to check whether. Apr 10, 2020 by breaking a project down into work packages, the development of work breakdown structures becomes easierand project managers will have a finer level of control over assignments. Each control account is defined with a unique code or an accounting number which can be used to link to the performing account system. The work packages of two different users might be disjoint or they might overlap. The control account is an easytofollow concept in managing businesses.
Final year is usually one of the most busiest time in the universitypolytechnic for accounting. At what level the scope, cost, and schedule are integrated and compared to the earned value for performance measurement. A curriculum that enhances an accounting programme. Work packages are a subdivision of a control account and consist of a discrete, apportioned, or level of effort task that has been planned and budgeted in detail. To maintain stability in the project management, each work package must contain the allowed time, the deliverables and the costs and provide these in a clear and simple fashion. Work packages come together to constitute control accounts. Work packages and the management of those work packages over time will be the basis for annual budget development, making annual allocation strategy funding decisions and developing an allocation plan for emergency work. Or start with a template to save yourself time and steps.
Earned value management guidelines july 1, 2008 page 3 of 9 washington state department of transportation earned value ev the value of work performed expressed in terms of the budget assigned to that work for a schedule activity or work breakdown structure component. Control accounts are placed at various strategic points of the projects work breakdown structure. If control accounts are too numerous, the cost of operating the system increases dramatically and the data produced may overwhelm the users and be less effective for project management. A control account, also referred to by the abbreviation ca, is a tool that is utilized as a management control point that involves the integration of a number of specific and key elements of a number of project specific elements, and after the successful integration, a measurement of the performance to date will take place. The elements which are commonly integrated using the control account. The second one of the wbs levels is control accounts. Strong work packages have the following characteristics. Pmp terminologies relating to cost knowledge area simplilearn. These terms are interchangeable, however, we will use the term control accounts.
A work package can be thought of as a mini project, that when combined with other work package units, form the completed project. Before using a printed copy, verify that it is the most current version by checking the document revision on off. Independentminimum interface with or dependence on other ongoing elements i. A common example of a control account is the general ledger account entitled accounts receivable. The main aim of this section is to set out the security duties of customers you and your nominated users. Work packages are further divided into activity levels. Integratableintegrates with other project work elements and with higher level cost estimates and schedules to include the entire project. Department of accounting and finance, faculty business and accounting, botho university botswana. Oct 04, 2019 control accounts are placed at selected management points in the wbs. Control accounts and work packages deltek software manager. Word create something begin with a blank document to get right to work.
To aggregate the cost estimates of work packages for easeness of total aggregation effort. When all teams have finished their individual work packages, the whole project comes together with seamless integration. The selection of the proper level of detail for the control account is a key factor in the success of the system application. Worksheets are chapter 5 control accounts objectives, subsidiary ledgers, work 1 personal balance, accounting principles question paper answers and, sample reconciliation work, excel templates invoice sales accounting user guide, control accounts work packages planning packages, accrual work. There were two questions in two differents books, with diffennt options a. The control account is also the point where work progress is measured. Control account within project work packages and is developed as part of wbs. The wbs is finalized by establishing control accounts for the work packages and a unique identifier from a code of accounts. Control account manger cam earned value management system. Seen from this point of view, an accountant can be referred to as a management accountant. Earned value management evm is performed at the control account level. The intent is to inspire an appreciation for the earned value concept and emphasize how performance measurement techniques can be a valuable management tool. Work packages allow for simultaneous work on many different components of a project at the same time by multiple teams. Displaying all worksheets related to control accounts.
Work breakdown structure relativistic heavy ion collider. A control account is another name for cost categories that are reported on in the project budget. This element is established at the intersection of the. Tyrell proves the accuracy of its sales and purchase ledgers by preparing monthly control accounts. Guidelines for selecting the proper level of detail for control accounts include technical, schedule, cost, risk, and information objectives. Nasasp20103404, nasa work breakdown structure wbs handbook. There may be several control accounts associated with each work package. Control accounts, work packages, planning packages 1 scribd. By breaking a project down into work packages, the development of work breakdown structures becomes easierand project managers will have a finer level of control over assignments. Just select file new, and then select or search for the template you want. Completion of work packages can be dependencies for other work packages.
Control account guidelines washington state department. What are the 4 wbs levels and the relationship between them. Control accounts are the points in the projects work breakdown structure wbs where scope, schedule and costs for each work element are planned and tracked. Planning package a work breakdown structure component below the control account with known work content but without detailed schedule activities see also control account. Reference guide for projectcontrol account managers citeseerx. Financial accounting packages free download as powerpoint presentation. Bcwp budgeted cost of work performed also referred to as earned value ev. All ledger accounts must be prepared in continuous balance format final accounts must be prepared in vertical format where appropriate, vat is to be calculated at 20% questions start on the next page generally candidates performed reasonably well and this assessment series witnessed an 88% pass rate. Control accounts, work packages, planning packages 1 free download as pdf file. In addition to the control account, a control account plan is defined as follows. A control account is an assigned wbs level used to monitor the cost and. As all accounts are kept in different ledgers then it is more likely that a mistake will occur when a trial balance is drawn up. C02 financial accounting fundamentals control accounts. The details for each control account will be found in a related but separate subsidiary ledger.
Apr 27, 2020 work packages come together to constitute control accounts. Hello everyone,i have a question that tricks me for the moment,i know you can help me understand better. For instance, for the database system control account, work packages under this control account can be a software application, servers, data structure etc. The work package is a deliverable which is obtained after decomposing the wbs. The sheer variety of features will work for small startups all the way up to larger organizations. Each team follows the steps defined in the work package and completes them by the specified deadline.
To keep the project control effective, one team member or one group of the project team is responsible for each work package. Control account plan a control account plan, also referred to by the anagram cap, is a tool that is used to create a. Control accounts are activities or small groups of similar work with a defined scope, schedule, and budget. Control accounts materials, labor and overhead, workinprocess, and finished goods are inventory accounts, which are assets. When it is used as a control account, it will contain only summary. Within the earned value management system evms the control account is the basic building block of the project management process. When you make a sale to a customer, you use up the asset. Tax planning is an important area as far as the fiscal management of a company is concerned. Accounting principles questions, answers and examiners comments level 3 diploma in credit management june 20 instructions to candidates answer any five questions. It is the control point where technical scope, schedule, and cost parameters are integrated.
N represents links not visited and y represents visited links. Find recent files whether you only work with files stored on your pcs local hard drive or you. A management control point where the integration of scope, budget, actual cost, and schedule takes place, and where the measurement of performance will occur. Apart from the earliest stages of a project, there should be no undistributed budget. The role of control accounts in cost accounting dummies. Control accounts are major parts, systems, phases or deliverables of a project.
The control account is a division of the work package, and is an agreement between a project manager and a group, discipline, organization or company organizational unit to perform all of the work for that organizational unit. This document describes the procedures governing the development and use of control accounts and work packages. A control account is a general ledger account containing only summary amounts. Control accounts ca are placed at selected points specific components at selected levels of the wbs. Overhead control is the term for the control account for indirect costs. Control accounts, work packages, and planning packages 12. Group all wbs elements in each control account into one or more work packages. The highlighted questions are the questions you have missed. Can you help me with an wbs photo example or other material. The work breakdown structure provides a common framework for the natural development of the overall planning and control of a contract and is the basis for dividing work into definable increments from which the statement of work can be developed and technical, schedule, cost, and labor hour reporting can be established a work breakdown structure permits summing of subordinate costs for tasks.
A control account ca is a management control point at which budgets resource plans and actual costs are accumulated and compared to earned value. A control point of one or more work packages used to plan, schedule, and control the project. For instance, for a software project, database system can be the control account level in the wbs levels. Jefferson science associates, llc jsa is a southeastern universities research associationcomputer sciences corporation limited liability company created specifically to manage and operate jefferson laboratory for the department of energy. The single most important step that a project manager and control account manager can take to develop and implement a meaningful evm plan is to define. Using a third control account field, such as the charge number, has the advantage of creating of multiple control accounts at any wbsobs intersection. The control account is also the point where work progress is measured, where actual costs are collected, where variance analysis occurs, and where corrective action is initiated. Department of finance and banking, faculty business and accounting imperial school of business and science. Wbs is a deliverableoriented hierarchical decomposition of the work to be executed by the project team to accomplish the project objectives and create the required deliverables. A project work breakdown structure wbs is a deliverable or product oriented grouping of. The basics, are all there, with accounts payable and accounts receivable functions readily accessible and an onboard cash management system that helps to manage invoicing and payroll.
Back to status page contains 15 questions 1 which of the following is a timephased plan for accomplishing the contractual. To manage the overall project work efficiently with full control thats why these are also known as management control points. Accounting principles question paper, answers and examiners comments. In the ram, identify control accounts for accountability in managing the assigned work. As with other concepts in project management, such as the objective and the work breakdown structure, the focus with a work packages shouldnt be the activities that create it, but the outcome, the product, or the deliverable. A virtual printer which lets you enhance the security of pdf documents, as well as manage several. Remediation accessed shows whether you accessed those links. Creating work breakdown structure and control accounts. The importance of work packages in project scope management. This section the acp sets out the access control procedures referred to in hsbc. Control accounts are also referred to as cost accounts. May 11, 2020 a virtual printer which lets you enhance the security of pdf documents, as well as manage several. In wsdot, control accounts are placed at selected levels within work packages. Control accounts are generally either types of costs internal labor, external labor, software, infrastructure, or costs associated with major work efforts project phases or.
Work packages allow for simultaneous work to be done on different components of a project in parallel by multiple teams. Planning packages are created to describe work within a control account that will occur in the future. In addition as the t accounts are kept in different ledgers mistakes are very often hard to locate. At 1 may 2012 the following balances existed in the companys accounting records, and the control accounts agreed. Oct 05, 2018 4 this element is established at the intersection of the contract work breakdown structure wbs and the contractors organizational structure. A work package is a portion of the work breakdown structure that allows project management to define the steps necessary for completion of the work package. They can be thought of as convenient interchanges along the way of the process, points at which all of the work that has been completed in each of these specific areas can be integrated and any differences can be addressed if not reconciled. Cost of sales opening stock 9,000 purchases 101,000. This article provides an introduction to the basic concepts of earned value management evm, from initial project planning through execution including data analysis techniques and baseline revisions. For example, simple projects with few deliverables may use one control account for all. Control account levelwork package levelactivity level b.
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