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The project initiation stage is the first stage in the project management model.
What is a project management model?
The five project management process steps—initiating, planning, executing, controlling, and closing—are referred to in the PMBOK. It includes a variety of project management methods and techniques that you can use to assess or finish the way you manage your projects or the methodology you employ.
What is project initiation?
The Vice-Chancellor/Chief Information Officer and Project Sponsor define and assess the project proposal at the Initiation Phase before giving their approval for it to move forward.
What is the purpose of project initiation?
A project's objectives, justification, and organizational structure are all spelled out in a project's initiation document. This makes it possible to guarantee that everyone is aware of the situation from the outset.
Learn more about project management: brainly.com/question/15552468
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Answer:
Debit Insurance expense $10,000
Credit Prepaid Insurance $10,000
Being entries to recognize insurance expense for the period (August to December).
Explanation:
Given;
Insurance policy was purchased on July 10 to run for 3 years.
Cost of policy = $72,000
Start date is August 1st. As at 31 December, the policy should have been amortized for 5 months (August to December)
Monthly depreciation = $72,000/(3 × 12)
= $2,000
Total amortization between August and December = 5 × $2,000
= $10,000
Journal entries
Debit Insurance expense $10,000
Credit Prepaid Insurance $10,000
Being entries to recognize insurance expense for the period (August to December).
