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CCIFP FINAL EXAM 2024 WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW!!|GUARANTEED ASS |LATEST UPDATE$20.49
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CCIFP FINAL EXAM 2024 WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW!!|GUARANTEED ASS |LATEST UPDATE
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Course
CCIFP
Institution
CCIFP
CCIFP FINAL EXAM 2024 WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED
DETAILED ANSWERS |FREQUENTLY
TESTED QUESTIONS AND SOLUTIONS
|ALREADY GRADED A+|BRAND
NEW!!|GUARANTEED ASS |LATEST
UPDATE
CCIFP FINAL EXAM 2024 WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED
DETAILED ANSWERS |FREQUENTLY
TESTED QUESTIONS AND SOLUTIONS
|ALREADY GRADED A+|BRAND
NEW!!|GUARANTEED ASS |LATEST
UPDATE
What are acceptable measurement standards when using percentage of completion method? Describe
each measurement.
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?
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"?
More than 4 dwellings, excluding row houses and townhouses as they considered separate dwellings.
Excluded from IRC 460
What is Alternate Dispute Resolution in contract law?
Doesn't include litigation or arbitration
Could be mediation, mini-trial negotiation
What are the two definitions of contract completion on IRS 460?
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?
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"?
Excusable delay
What is new authoritative GAAP literature & when was it implemented?
Accounting Standards Codification (ASC)
Implemented June 2099
According to SOP 81-1 what is a profit center?
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?
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?
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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