- Study guides, Class notes & Summaries

CCIFP Questions and Answers 100% Correct difference between real and personal property based on intent-inherently permanent structures are real property the look back period applies: to all long term contracts required to be reported under the percentage of completion method, or for alternative minimum tax purposes Section 460 is guidance for contract commencement dat

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39 pages

Written in 2024/2025

Grade A+

StudyLoom01

CCIFP-Chapter 4 Questions And Answers 100% Solved The Five Steps to Rev rec 1. Identify Customer Contracts 2. Identify Performance Obligations 3. Determine Transaction Price 4. Allocate Transaction Price to PO 5. Recognize Revenue A contract exists if: 1. contract has been approved by both parties 2. good/services can be identified 3. terms of the payment have been agreed by both parties NOTE: if the customers ability to pay deteriorates significantly, the contract would be reassesse...

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13 pages

Written in 2024/2025

Grade A+

StudyLoom01

CCIFP Questions with Correct Answers What are 2 types of remedy clauses in contracts? 1) Increase the scope of work 2) Offering site conditions That is the zero gross profit option for the completed contract method? Recognize revenue and cost for period, but zero gross profit allow company to show costs for the period When accounting for losses, what is recommended method of recording? Should be as additional costs not reduction of revenue

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28 pages

Written in 2024/2025

Grade A+

StudyLoom01

CCIFP Glossary Questions and Answers Verified by Experts Internal audits are performed by an internal auditor as a means to evaluate and monitor the company's procedures and operations to ensure compliance with established policy. Compliance audits are conducted to ascertain company compliance with specified rules and regulations. An example of a compliance audit would be a safety audit conducted by OSHA.

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37 pages

Written in 2024/2025

Grade A+

StudyLoom01

CCIFP2 Questions and Answers Graded A+ How do you compute rate in EMR Rate is set by National Council on Compensation Insurance EMR - based on (severity and frequency of problems) experience Manual Rate $10 per $100 of payroll. EMR .08 Actual .08 x 10 = 8 per $100 What is risk transfer Transfer rick to another party 1. Contractual: Hold harmless (indemnity) clause 2. Insurance: Buy insurance

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18 pages

Written in 2024/2025

Grade A+

StudyLoom01

CCIFP Questions and Answers Verified by Experts General Liability Property damage after project is complete that is a result of construction means Professional Liability Liability arising out of negligent acts, errors, or omissions in performance of professional services Obligor Underwriter (surety)

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12 pages

Written in 2024/2025

Grade A+

StudyLoom01