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CCIFP Accounting and Reporting Questions And Answers

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Institution CCIFP Accounting And Reporting
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CCIFP Accounting and Reporting Questions And Answers CCIFP Accounting and Reporting Questions And Answers CCIFP Accounting and Reporting Questions And Answers

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CCIFP Accounting and Reporting
Questions And Answers
AccountingxforxContract-in-ProgressxforxContractorsxUsingxthexCompleted-
ContractxMethodx-xCORRECTxxANSWER--
xIfxaxcontractorxisxunablextoxreasonablyxestimatexthexpercentagexofxworkxperformedxorxtotalx

costsxtoxcompletexaxcontract,xthexcontractorxmustxusexthexcompleted-contractxmethod.
-
xMustxevaluatexeachxjobxandxrecordxeitherxaxnetxassetx"defferedxcosts"xorxaxnetxliabilityx"def

erredxrevenue"xisxrecorded

AICPAxrecognizesxthexFinancialxAccountingxStandardsxBoardx(FASB)xformedxinx1973xasxt
hexbodyxissuingxauthoritativexstandardsx-xCORRECTxxANSWER-
BeforexFASBxtherexwasxAccountingxPrinciplesxBoardxOpinionsx(ABPs)xalsoxAccountingxR
esearchxBulletinsx(ARBs)
StatementsxofxPositionx(SOP)

BillingsxinxExcessxofxCostsxandxEstimatedxEarningsxonxUncompletedxContractsx(CurrentxLi
ability)x-xCORRECTxxANSWER--
xIsxaxresultxfromxcontractxbillingsxbeingxgreaterxthanxrecognizedxrevenuesxunderxthexpercen

tagexofxcompletionxmethod

CashxandxCashxEquivalents,MarketablexSecurities,xandxCashxandxShortxTermxSecuritiesx
HeldxinxLieuxofxRetentionx-xCORRECTxxANSWER-
Sometimesxownersxarexwillingxtoxpayxretentionxifxcontractorsxagreextoxdepositxthexfundsxint
oxsomextypexofxcashxequivalentxorxshort-termxsecuritiesxthatxthexownerxcanxcontrol

CIExandxBIEx-xUnbalancexItemsx-xCORRECTxxANSWER-

ComputationxofxPercentagexofxCompletionx-xCORRECTxxANSWER-
Dividexthextotalxcostsxincurredxtoxdatexbyxthextotalxestimatedxcontractxcosts.xThenxmultiplyxt
hisxpercentagexbyxthexcontractxamountxtoxgetxthexamountxofxrevenuextoxrecognize.xThenxta
kexthatxnumberxandxsubtratexthexactualxcostsxtoxdatextoxgetxthexgrossxprofitxtoxdatexonxthexpr
oject.

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