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CCIFP Study Flash Cards – Questions & Answers
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CCIFP Study Flash Cards – Questions & Answers
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CCIFP Study Flash Cards – Questions &Answers
Percentage of Completion method: - -recognizes income as work on a
contract progresses
-Completed Contract method: - -Recognizes income only when the contract
is completed
-Units of delivery method: - -Recognizes as revenue the contract price of
units of a basic production product delivered during a period and as the cost
of earned revenue the costs allocable to the delivered units.
-The units of delivery is a modification of the: - -percentage-of-completion
method of accounting for contracts
-The use of either of the two generally accepted methods of accounting
involves, to a greater or lesser extent, three key areas of estimates and
uncertainties - -The extent of progress towards completion, contract
revenues and contract costs
-Percentage of method is considered preferable when: - -Estimates of costs
to complete and extent of progress toward completion of long term contracts
are reasonably dependable
-Percentage of Completion and The completed contracts method - -Both of
the two generally accepted methods of accounting for contracts
-Assets constructed and intended for sale or lease - -Qualifying assets that
warrant capitalization of interest
-Statement of Position, Scope of: - -applies to accounting for performance
contracts for which specifications are provided by the customer for the
construction of facilities or the production of goods or the provisions of
related services that are reported in financial statements prepared in
comformity with generally accepted accounting principles.
-Performance Bond - -A guarantee that the contractor will perform the
terms and conditions of the contract and that the project will be built
according to the plans and specifications.
-In which phase of the contract life cycle does a contractor have the
opportunity to influence the contract terms and conditions - -Contract Award
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