Project Close-Out Checklists Provide the Project Manager a Legally Enforceable

question 17

True/False

Project close-out checklists provide the project manager a legally enforceable contract vehicle to hold team members accountable for each item that must be completed to close a project.

---

Definitions:

Ending Work

Refers to the work in process (WIP) at the end of an accounting period, used in calculating the cost of goods manufactured.

Equivalent Units

A concept used in process costing, converting partially finished goods into a number of completed units for accounting purposes.

Physical Units

A measure used in various contexts, referring to countable, tangible objects or units of measurement in physical systems.

Transferred Out

Costs or materials moved from one department, process, or location to another in the course of manufacturing or accounting.