CCIFP FINAL EXAM NEWEST 2024 ACTUAL
EXAM COMPLETE 100 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
What is the IRS's principal source of legislative guidance for the
construction industry? - ANSWER- IRC (Internal Revenue
Code) Section 460 - Special rules for long term contracts
What is ABC? - ANSWER- Activity Based Costing
1) Links indirect costs to activities
2)Allocates "activity" cost to jobs based on specific attributes
What is a retrospective rating plan? - ANSWER- Premium
determined after policy expired based upon actual loss
experience
1) Incurred Loss - Insurer holds loss reserves until losses
incurred
2) Expected Loss - Premium calculated on expected loss amount
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What are the 2 conditions that need to be met for indirect costs
to be deferred as contract costs for completed contract method or
percentage of completion method? - ANSWER- 1) Costs related
directly to performance of specific contract-in-progress
2) Costs related directly to the contractor's contracting activities
What are financial guarantee bonds? - ANSWER- Used for
financial contracts i.e. Release of lien guarantee payment of
wages and fringe released retention (when not in A/R)
What is SOP & What does it mean? - ANSWER- From the
AICPA - Statements of Position
When was SOP 81-1 Issued? - ANSWER- 1981
What is the codification number of 81-1? - ANSWER- 605-3S
What is a bid bond? - ANSWER- - Done when the project is bid
- States that contractor will enter into a contract when tendered
by the owner @ price bid and the contractor will file a
performance & payment bond
- Surety does a "pre-qual" to make sure that the contractor has
capacity
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What are 2 types of wrap-up plans? - ANSWER- 1) Owner
controlled insurance program (OCIP)
2) Contractor controlled insurance program (CCIP)
- Procurement by one party of policies protecting owner and
contractors involved
What are the 4 steps to implementing ABC (Activity Based
Costing)? - ANSWER- 1) Understand the process to be costed
2) Identify activities within the process
3) Trace cost to activities using an activity survey or through
payroll codes
4) Link cost drivers to cost objects
What is the Cost to Cost method of percentage of completion?
What should be excluded from the calculation? - ANSWER-
Step 1 - Costs to date / total estimated cost = percent complete
Step 2 - percent complete x anticipated profit = amount earned
to date
Excluded from this calculation is stored materials and
uninstalled materials
What are the four risk management techniques? - ANSWER- 1)
Avoidance - Avoid risks associated with a particular operation
or situation
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