CCIFP Exam Questions And Answers

CCIFP Exam x


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CCIFP Exam Questions And Answers
1. Finance Manager x


Financial Manager's Objectives: 1) Monitor company's profitability, liquidity and solv
x x x x x x x x x


ncy
2) Ensure timely and accurate financial reporting
x x x x x


3) Establish and maintain effective internal accounting controls
x x x x x x


2. Finance Manager - Profitability x x x


Four Components of Profitability Monitoring: 1) Job profitability
x x x x x x x


2) Unapplied contract related cost x x x


3) G&A Expenses x


4) Financing related expenses & investment income x x x x x


3. Finance Manager - Profitability x x x


Job Profitability - Cost Recovery: 1) Cost Recovery -
x x x x x x x x


proper recording of job costs as supported by:
x x x x x x x x


a. Independent documents x


b. Consistent with project contract x x x


c. Reflects all costs incurred x x x


4. Finance Manager - Profitability x x x


Job Profitability - Unapplied Contract Related Costs: Expenses related to con-
x x x x x x x x x x


tract performance that may not get charged directly to job expense:
x x x x x x x x x x x


a. Management salaries x


b. Year-end bonuses x


c. Warranty expense x


5. Finance Manager - Profitability x x x


General and Administrative expenses: Cost that are not directly related to per-
x x x x x x x x x x x


forming the job contract.
x x x x


a. Costs need to be monitored x x x x


b. Budget should be setup x x x


6. Finance Manager - Profitability x x x


Financing Related Expenses and Investment Income: Finance Manager en-
x x x x x x x x


sures that the company earns the maximum return on liquid assets and incurs the min
x x x x x x x x x x x x x x x


mum interest on borrowed capital.
x x x x


7. Finance Manager x


Liquidity: Finance Manager responsibility related to liquidity:
x x x x x x



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