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Practice Exam- CCIFP 2025
COMPREHENSIVE EXAM QUESTIONS
WITH DETAILED VERIFIED AND 100%
CORRECT ANSWERS BRAND NEW EXAM
ALREADY GRADED A+!! Questions and
Correct Answers/ Latest Update / Already
Graded
on a typical construction project whereby the owner has requested
performance and payment bonds from the general contractor, the
owner is referred to as the......
Ans: obligee
when computing the taxable income for a proposed capital project, the
financial manager should use which tax rate??
Ans: marginal
what coverage trigger is used with commercial general liability policy
when the insurance policy in effect at the time the property damage
loss occurs respond to that loss, regardless of when the contractor
learns about the loss or when a claim is filed against the contractor
Ans: Occurrence Trigger
All rights reserved © 2025/ 2026 |
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Pursuant to GAAP, which of the following methods of recognizing
revenue is most frequently used in construction accounting?
Ans: Percentage of Completion Method
Contractors can maximize controls over cash disbursements by
implementing some of the following..... 15.06 [2]
Ans: 1) Knowing vendor systems
2) Using Controlled Disbursement bank Accounts
3) Implementing an open purchase order/contract commitment
system
4) Soliciting Cooperation from Project Management to
minimize early Payments to subcontractors and suppliers
What role do Domain Controllers Serve within an Active Directory?
Ans: To manage trust among the domains by granting access
to users from one domain to the other via a proper security
authentication process.
a construction company should record interest rate swaps purchased
for business purposes using which method of valuation? 3.12 [1]
Ans: Fair Market Value
All rights reserved © 2025/ 2026 |
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Which of the Following contract provisions is exculpatory?
Ans: No damages for delay clause
Section 460 of the Internal Revenue Code defines the following? 29.03
[b]
Ans: 29.03 [b]
ABC company hires a subcontractor to work on a project that will span
over 5 years. the subcontract amount is $500,000 and is to be billed
monthly by ABC. Retention of 10% is to be held until the subcontract
reaches 75% complete and the owner of the project has approved the
release of retention. how should ABC company record the
subcontractor retention on its records in the first year of the project?
3.09[pgs. 3-27]
Ans: current-liability
under the completed contract method of accounting, how are general
and administrative cost realized on the income statement?
Ans: Expensed and recognized in the year incurred.
All rights reserved © 2025/ 2026 |
, Page |4
The length of a contractors operation cycle determines what is
considered a current asset or liability for their classified balance sheet.
it has become common practice in the construction industry to classify
all contract-related assets and liabilities as current based on what
measurement?
Ans: average length of their contract.
five steps of strategic planning are: develop an internal understanding
of existing businesses, identify new business opportunities,
______________, develop a strategic plan, implement the plan.
Ans: analyze alternatives
a loss or claim under a surety bond is generally triggered by....
Ans: a default of the contract
when is it appropriate to recognize income from change order?
Ans: when it's probable that the contract price will increase by
more than the costs incurred, and the revenue is "assured
beyond a reasonable doubt"
what is the purpose of an IP Address?
All rights reserved © 2025/ 2026 |
Practice Exam- CCIFP 2025
COMPREHENSIVE EXAM QUESTIONS
WITH DETAILED VERIFIED AND 100%
CORRECT ANSWERS BRAND NEW EXAM
ALREADY GRADED A+!! Questions and
Correct Answers/ Latest Update / Already
Graded
on a typical construction project whereby the owner has requested
performance and payment bonds from the general contractor, the
owner is referred to as the......
Ans: obligee
when computing the taxable income for a proposed capital project, the
financial manager should use which tax rate??
Ans: marginal
what coverage trigger is used with commercial general liability policy
when the insurance policy in effect at the time the property damage
loss occurs respond to that loss, regardless of when the contractor
learns about the loss or when a claim is filed against the contractor
Ans: Occurrence Trigger
All rights reserved © 2025/ 2026 |
, Page |2
Pursuant to GAAP, which of the following methods of recognizing
revenue is most frequently used in construction accounting?
Ans: Percentage of Completion Method
Contractors can maximize controls over cash disbursements by
implementing some of the following..... 15.06 [2]
Ans: 1) Knowing vendor systems
2) Using Controlled Disbursement bank Accounts
3) Implementing an open purchase order/contract commitment
system
4) Soliciting Cooperation from Project Management to
minimize early Payments to subcontractors and suppliers
What role do Domain Controllers Serve within an Active Directory?
Ans: To manage trust among the domains by granting access
to users from one domain to the other via a proper security
authentication process.
a construction company should record interest rate swaps purchased
for business purposes using which method of valuation? 3.12 [1]
Ans: Fair Market Value
All rights reserved © 2025/ 2026 |
, Page |3
Which of the Following contract provisions is exculpatory?
Ans: No damages for delay clause
Section 460 of the Internal Revenue Code defines the following? 29.03
[b]
Ans: 29.03 [b]
ABC company hires a subcontractor to work on a project that will span
over 5 years. the subcontract amount is $500,000 and is to be billed
monthly by ABC. Retention of 10% is to be held until the subcontract
reaches 75% complete and the owner of the project has approved the
release of retention. how should ABC company record the
subcontractor retention on its records in the first year of the project?
3.09[pgs. 3-27]
Ans: current-liability
under the completed contract method of accounting, how are general
and administrative cost realized on the income statement?
Ans: Expensed and recognized in the year incurred.
All rights reserved © 2025/ 2026 |
, Page |4
The length of a contractors operation cycle determines what is
considered a current asset or liability for their classified balance sheet.
it has become common practice in the construction industry to classify
all contract-related assets and liabilities as current based on what
measurement?
Ans: average length of their contract.
five steps of strategic planning are: develop an internal understanding
of existing businesses, identify new business opportunities,
______________, develop a strategic plan, implement the plan.
Ans: analyze alternatives
a loss or claim under a surety bond is generally triggered by....
Ans: a default of the contract
when is it appropriate to recognize income from change order?
Ans: when it's probable that the contract price will increase by
more than the costs incurred, and the revenue is "assured
beyond a reasonable doubt"
what is the purpose of an IP Address?
All rights reserved © 2025/ 2026 |
