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umka2103 [35]
2 years ago
9

In the project initiation phase, which document contains high-level details of the proposed project?

Business
1 answer:
RSB [31]2 years ago
6 0

Answer:

Once the initiation phase has begun and you have been granted the go-ahead, you must develop your project charter, also known as the project initiation document (PID). The Project Charter legally permits the project's existence, delegated power to the Project Manager, and documented the high-level requirements, milestones, and success criteria. The project charter defines the project's goal and requirements. It contains information such as business requirements, major players and stakeholders, scope, objectives, and general aims.

Explanation:

The initiation phase includes all of the processes that must be completed before a project is approved and planning may begin. The idea is to define your project at a high level and connect it to the business problem you want to address. The project charter serves as a framework for defining project decisions and ensuring they are consistent with corporate objectives.

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The before-tax income for Ivanhoe Co. for 2020 was $104,000 and $81,200 for 2021. However, the accountant noted that the followi
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Answer:

<em>Corrected Income for 2020 is $ 86540 and for 2021 is $160,610 </em>

Explanation:

Ivanhoe Co.

Correction of Income for              2020             2021

The before-tax income                $104,000      $81,200

1) Sales                                             (39,000)         39000

2) Inventory                                      (9,400)            9,400

3) Entry  wrongly made                    14,400           14,400

4) Correct Entry                                15,680           15,680

5<u>) Add Depreciation                           860               930</u>

<u>Corrected Income                       $ 86540         $ 160,610   </u>

<u></u>

1) Sales are included when the purchaser gets the title . They are the liability of the seller so they will be deducted from 2020 sales and added to 2021.

2) Ending inventory is deducted from COGS as it is understated it will be deducted from 2020 income and added to the 2021 income when it becomes the opening inventory.

3) Interest was received not given so the it will be treated as revenue not expense and added to the income statement.

4) Actual interest received  was ($ 240,000- $16,000)* 7% = $ 15680. So an entry for actual interest will be made.

5) Additional amount of depreciation was charged to 2020 and 2021 income statement  which will be added back. 10 % of $ 8600= $ 860 for 2020 and 10% of $ 9,300= $ 930 for 2021

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