The Fourth and Final Phase of the Project Life Cycle

question 54

Multiple Choice

The fourth and final phase of the project life cycle is

• A) evaluating the project.
• B) controlling the project.
• C) performing the project.
• D) closing the project.

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Definitions:

Worksheet

A document used by accountants to gather information for adjusting entries and to prepare financial statements.

Asset Expires

Refers to the expiration or depletion of the useful life or service period of an asset, at which point it may no longer be productive or useful for the business.

Revenue

Revenue is the total amount of money that a company receives from its activities, mainly from sales of products or services, before any expenses are subtracted.

Original Cost

The purchase price of an asset or service, including installation fees, transportation charges, and any other expenses necessary to make the asset operational.