Exam (elaborations)
CCIFP EXAM QUESTIONS AND ANSWERS 2024
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CCIFP EXAM QUESTIONS AND ANSWERS 2024
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CCIFP EXAMWhat are acceptable measurement standards when using percentage of
completion method? Describe each measurement. - ANSWERS-1) Cost to cost -
costs incurred
2) Efforts method - labor hours incurred
3) Output method - completed miles of highway "as a example" used when
uniformity of output
When does the look back requirement not apply? - ANSWERS-1) Contract
completed within 2 years
2) Gross contract price lesser of 1 million or 1% of annual gross receipts for prior 3
years
What is the IRS definition of a "residential construction contract"? - ANSWERS-
More than 4 dwellings, excluding row houses and townhouses as they considered
separate dwellings. Excluded from IRC 460
List 6 external users of finacials - ANSWERS-1) Owners
2) Sureties
3) Banks
4) Vendors
5) Customers
6) Licening
,What is the deductibility of a per diet paid to an employee? - ANSWERS-Treasury
takes the position that 40% of per diet is meal expense and only 50% deductible
to employer
What are 2 methods used as measurement of completion for percentage of
completion method? - ANSWERS-1) Input - measures costs
2) Output - measures results
What is Alternate Dispute Resolution in contract law? - ANSWERS-Doesn't include
litigation or arbitration
Could be mediation, mini-trial negotiation
What are the two definitions of contract completion on IRS 460? - ANSWERS-The
earlier of:
1) Use by customer & 95% of allocable costs incurred or
2) Final completion and acceptance
What is the eichleay formula and what is it used for? - ANSWERS-Used to
calculate home office O/H costs for claims - government contracts
Allocation of basis of ratio
1) Contract billings of disputed contract/Total billings (during contract period) =
O/H%
2) O/H% x Total O/H (during contract period) = allocated O/H
, 3) Allocated O/H / Days of contract performance = O/H per day
What is "force majeure"? - ANSWERS-Excusable delay
What is new authoritative GAAP literature & when was it implemented? -
ANSWERS-Accounting Standards Codification (ASC)
Implemented June 2099
According to SOP 81-1 what is a profit center? - ANSWERS-Profit centers:
1) remediation
2) operation, maintenance and monitoring. Earn revenue from fixed-price, time-
and-materials and cost-plus contracts as described below.
What are combined and segmented contracts? - ANSWERS-Presumption is each
contract however, could be
1) Combine contracts - group of closely related contracts negotiated as a package
2) Segmenting - phases negotiated separately and all may not be performed
What are the 2 methods of accounting for losses and/or changes in estimates? -
ANSWERS-1) Cumulative catch-up method - accounts for adjusted gross profit in
current period (we use this method)
2) Reallocation method - accounts for adjusted gross profit from prior periods
ratably in current and future periods
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