Question

The Planning process team is progressing. The team has involved a number of expert opinions in trying to approximate the costs needed to complete project activities. This process is known as?

Answer 1

Answer:

Chart of accounts.

Explanation:

Chart of account set up the codes which is used to determine the project cost. Under chart of account each account is assigned unique number and name. Example of chart of accounts include balance sheet accounts, asset accounts, liability accounts, revenue accounts, expenditure accounts, etc.

Chart of account is usually used by an organization to show that what amount of money is received or spent by each class of items. By segregating expenditure, revenues, liability, assets, etc. it provide better understanding to an organization about financial health.