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CCIFP FINAL EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT DETAILED ANSWERS
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CCIFP FINAL EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT DETAILED ANSWERS
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CCIFP FINAL EXAM NEWEST 2024 ACTUAL EXAMCOMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS
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Terms in this set (140)
,The Project Management In full in the year the loss was determined
Team of ABC Company
has informed the CFO that
a project is running into
trouble with respects to
the budgeted costs for
the work. They have
informed the CFO that
they expect the project to
sustain a loss of 15%. The
job is expected to be
completed in 2 years. The
company uses the
percentage of completion
method to recognize
income. When should the
company recognize the
potential loss?
Which of the following is a Costs and Estimated Earnings in Excess of Billings
contract-related asset?
Which of the following is a Accrued Contract Costs
contract-related liability?
What type of contract is Design-build contract
used when one entity
works under a single
contract to provide both
the design of the work
and the performance of
the construction services?
, What type of contracting Fixed price contract method
method is also known as
lump sum contract, and
provides for the
contractor's performance
of all work to be
performed under the
contract for a stated
price?
What contracting method Cost-plus-fee contract method
provides for
reimbursement of
allowable or otherwise
defined costs incurred
plus a fee for the
contractor's services?
What contract method Time and material contract method
generally provides for
payments to the
contractor on the basis of
direct labor hours at fixed
hourly rates and cost of
materials or other
specified costs?
What contract method is Unit price contract method
used when a contractor is
paid a specified price per
each unit of output?
The portion of total billing Retention
that is NOT required to be
paid by the owner until
certain conditions are met
is known as...
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