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CCIFP Study questions and answers 2025.
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CCIFP Study questions and answers 2025.
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CCIFP Study questions andanswers 2025
Percentage of Completion method: - answer recognizes income as
work on a contract progresses
Completed Contract method: - answer Recognizes income only
when the contract is completed
Units of delivery method: - answer 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: - answer 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 - answer The extent of progress
towards completion, contract revenues and contract costs
Percentage of method is considered preferable when: - answer
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 -
answer Both of the two generally accepted methods of accounting
for contracts
Assets constructed and intended for sale or lease - answer
Qualifying assets that warrant capitalization of interest
, Statement of Position, Scope of: - answer 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 - answer 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 - answer
Contract Award
The Primary goal of an incentive compensation plan is to - answer
Motivate group performance to achieve the company's identified
goals
What is GAAP - answer Generally Accepted Accounting Principles
Why Adhere to GAAP - answer Accountants adhere to GAAP for
consistency, fairness, honesty and accuracy in measuring and
disclosing financial information
What is financial reporting- 4 components - answer Financial
reporting includes the following: the external financial statements
(balance sheet, income statement, statement of cash flows and
statement of stockholders
What is absorption costing - answer Absorption costing means that
all of the manufacturing costs are absorbed by the units produce.
Absorption costing is often contrasted with variable costing or
direct costing
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