10/29/25, 2:53 PM CCIFP - Practice EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 LATEST VERSION!!…
CCIFP - Practice EXAM Questions with 100%
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Exam) 2025\2026 LATEST VERSION!!
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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?
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,10/29/25, 2:53 PM CCIFP - Practice EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 LATEST VERSION!!…
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?
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,10/29/25, 2:53 PM CCIFP - Practice EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 LATEST VERSION!!…
The portion of total billing Retention
that is NOT required to be
paid by the owner until
certain conditions are met
is known as...
ABC Company hires a Current liability
subcontractor to work on
a project that will span
over 5 years. The
subcontract amount is
$500,000 and is to be
billed monthly to ABC
Company. Retention of
10% is to be held until the
subcontractor is 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?
https://quizlet.com/1100311139/ccifp-practice-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-latest-version-flash-… 3/35
, 10/29/25, 2:53 PM CCIFP - Practice EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 LATEST VERSION!!…
DR: Contract Receivable - $990,000
ABC Company is
DR: Retention Receivable - $110,000
preparing their monthly
CR: Contract Revenue - $1,100,000
billing for the XYZ Owner
Development project and
Step-by-Step Solution
the following are the
1. Calculate the Total Billing Amount:
details of the monthly
Gross Base Contract Billing: $1,000,000
application for payment:
Gross Change Order Billing: $100,000
Total Gross Base Contract
Total Gross Billing = $1,000,000 + $100,000 = $1,100,000
Billing $1,000,000 inclusive
of $200,000 in stored
2. Calculate the Retention Amount:
material billing, and gross
Retention Amount = 10% of Total Gross Billing
change order billing of
Retention = $1,100,000 × 10% = $110,000
$100,000. The retention
amount is 10%. What is the
3. Calculate the Contract Receivable:
correct journal entry to
Contract Receivable = Total Gross Billing - Retention
record the current month's
Contract Receivable = $1,100,000 - $110,000 =
application for payment?
$990,000
https://quizlet.com/1100311139/ccifp-practice-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-latest-version-flash-… 4/35
CCIFP - Practice EXAM Questions with 100%
Correct Answers | Verified | Updated (Actual
Exam) 2025\2026 LATEST VERSION!!
Save
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?
https://quizlet.com/1100311139/ccifp-practice-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-latest-version-flash-… 1/35
,10/29/25, 2:53 PM CCIFP - Practice EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 LATEST VERSION!!…
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?
https://quizlet.com/1100311139/ccifp-practice-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-latest-version-flash-… 2/35
,10/29/25, 2:53 PM CCIFP - Practice EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 LATEST VERSION!!…
The portion of total billing Retention
that is NOT required to be
paid by the owner until
certain conditions are met
is known as...
ABC Company hires a Current liability
subcontractor to work on
a project that will span
over 5 years. The
subcontract amount is
$500,000 and is to be
billed monthly to ABC
Company. Retention of
10% is to be held until the
subcontractor is 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?
https://quizlet.com/1100311139/ccifp-practice-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-latest-version-flash-… 3/35
, 10/29/25, 2:53 PM CCIFP - Practice EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 LATEST VERSION!!…
DR: Contract Receivable - $990,000
ABC Company is
DR: Retention Receivable - $110,000
preparing their monthly
CR: Contract Revenue - $1,100,000
billing for the XYZ Owner
Development project and
Step-by-Step Solution
the following are the
1. Calculate the Total Billing Amount:
details of the monthly
Gross Base Contract Billing: $1,000,000
application for payment:
Gross Change Order Billing: $100,000
Total Gross Base Contract
Total Gross Billing = $1,000,000 + $100,000 = $1,100,000
Billing $1,000,000 inclusive
of $200,000 in stored
2. Calculate the Retention Amount:
material billing, and gross
Retention Amount = 10% of Total Gross Billing
change order billing of
Retention = $1,100,000 × 10% = $110,000
$100,000. The retention
amount is 10%. What is the
3. Calculate the Contract Receivable:
correct journal entry to
Contract Receivable = Total Gross Billing - Retention
record the current month's
Contract Receivable = $1,100,000 - $110,000 =
application for payment?
$990,000
https://quizlet.com/1100311139/ccifp-practice-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-latest-version-flash-… 4/35
