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1. The Project Management Team of
ABC Company has informed the In full in the year the loss was determined
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 ex- pected to be
completed in 2 years. The
company uses the percentage of
completion method to recognize
in- come. When should the
company rec- ognize the potential
loss?
2. Which of the following is a contract-re- Costs and Estimated Earnings in Excess of
Billings
lated asset?
3. Which of the following is a contract-re- Accrued Contract Costs
lated liability?
4. What type of contract is used
when one entity works under a Design-build contract
single con- tract to provide both
the design of the work and the
performance of the con- struction
services?
5. What type of contracting method
is also known as lump sum Fixed price contract method
contract, and provides for the
contractor's perfor- mance of all
work to be performed under the
contract for a stated price?
6. Cost-plus-fee contract method
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What contracting method provides for
reimbursement of allowable or
otherwise defined costs incurred
plus a fee for the contractor's
services?
Time and material contract method
7. What contract method generally
pro- vides for payments to the
contractor on the basis of direct
labor hours at fixed hourly rates
and cost of materi- als or other
specified costs?
8. What contract method is used when a Unit price contract method
contractor is paid a specified price
per each unit of output?
9. The portion of total billing that is NOT
Retention required to be paid by the
owner until certain conditions are met is
known
as...
10. ABC Company hires a
subcontractor to work on a project Current liability
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 pro-
ject?
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11. ABC Company is preparing their DR: Contract Receivable -
monthly billing for the XYZ Owner $990,000 DR: Retention
Development project and the Receivable - $110,000 CR:
follow- ing are the details of the Contract Revenue - $1,100,000
monthly application for payment:
Total Gross Base Contract Billing Step-by-Step Solution
$1,000,000 in- clusive of $200,000 1. Calculate the Total Billing Amount:
in stored material Gross Base Contract Billing:
$1,000,000
billing, and gross change order billing Gross Change Order Billing: $100,000
of $100,000. The retention amount Total Gross Billing = $1,000,000 + $100,000
is =
10%. What is the correct journal entry $1,100,000
record the current month's applica-
to
tion for payment? 2. Calculate the Retention Amount:
Retention Amount = 10% of Total Gross
Billing Retention = $1,100,000 × 10% =
$110,000
3. Calculate the Contract Receivable:
Contract Receivable = Total Gross Billing -
Reten- tion
12. ABC Company enters into a Contract Receivable = $1,100,000 - $110,000
purchase order to purchase new
=
construction equipment from XYZ
Company. The equipment has a $990,000
useful life of 5 years. The details of
the purchase order are as follows: $540,000
- Equipment Cost: $500,000
- Freight Costs: $5,000
- Sales Tax: $35,000
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The company also signed a
mainte- nance agreement for 5
years, which will be billed
separately at the rate of $10,000
plus sales tax of $700 per year.
Question: At what value should
the equipment be recorded on the
books of ABC Company?
13. Costs and estimated earnings in A current asset
Ex- cess of Billings on
uncompleted con- tracts are
recorded on the contrac- tor's
financial statements as...
14. Billings in Excess of Costs and esti-
mated earnings on uncompleted A current liability
con- tracts are recorded on the
contrac- tor's financial statement
as...
15. The practice of unbalanced bidding, is Front-end Loading
referred to as...
16. ABC Company sold a crane to
XYZ Company for $100,000. The DR. Cash $100,000
crane DR. Accumulated Depreciation $150,000
originally cost $300,000, and the com- DR. Loss on Sale of Equipment $50,000
pany had accumulated CR. Fixed Asset Equipment $300,000
depreciation on the equipment
totaling $150,000. What is the
entry that ABC Company would
make to remove the asset from its
books?
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1. The Project Management Team of
ABC Company has informed the In full in the year the loss was determined
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 ex- pected to be
completed in 2 years. The
company uses the percentage of
completion method to recognize
in- come. When should the
company rec- ognize the potential
loss?
2. Which of the following is a contract-re- Costs and Estimated Earnings in Excess of
Billings
lated asset?
3. Which of the following is a contract-re- Accrued Contract Costs
lated liability?
4. What type of contract is used
when one entity works under a Design-build contract
single con- tract to provide both
the design of the work and the
performance of the con- struction
services?
5. What type of contracting method
is also known as lump sum Fixed price contract method
contract, and provides for the
contractor's perfor- mance of all
work to be performed under the
contract for a stated price?
6. Cost-plus-fee contract method
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| Updated (Actual Exam) 2025\2026 LATEST VERSION!!
What contracting method provides for
reimbursement of allowable or
otherwise defined costs incurred
plus a fee for the contractor's
services?
Time and material contract method
7. What contract method generally
pro- vides for payments to the
contractor on the basis of direct
labor hours at fixed hourly rates
and cost of materi- als or other
specified costs?
8. What contract method is used when a Unit price contract method
contractor is paid a specified price
per each unit of output?
9. The portion of total billing that is NOT
Retention required to be paid by the
owner until certain conditions are met is
known
as...
10. ABC Company hires a
subcontractor to work on a project Current liability
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 pro-
ject?
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| Updated (Actual Exam) 2025\2026 LATEST VERSION!!
11. ABC Company is preparing their DR: Contract Receivable -
monthly billing for the XYZ Owner $990,000 DR: Retention
Development project and the Receivable - $110,000 CR:
follow- ing are the details of the Contract Revenue - $1,100,000
monthly application for payment:
Total Gross Base Contract Billing Step-by-Step Solution
$1,000,000 in- clusive of $200,000 1. Calculate the Total Billing Amount:
in stored material Gross Base Contract Billing:
$1,000,000
billing, and gross change order billing Gross Change Order Billing: $100,000
of $100,000. The retention amount Total Gross Billing = $1,000,000 + $100,000
is =
10%. What is the correct journal entry $1,100,000
record the current month's applica-
to
tion for payment? 2. Calculate the Retention Amount:
Retention Amount = 10% of Total Gross
Billing Retention = $1,100,000 × 10% =
$110,000
3. Calculate the Contract Receivable:
Contract Receivable = Total Gross Billing -
Reten- tion
12. ABC Company enters into a Contract Receivable = $1,100,000 - $110,000
purchase order to purchase new
=
construction equipment from XYZ
Company. The equipment has a $990,000
useful life of 5 years. The details of
the purchase order are as follows: $540,000
- Equipment Cost: $500,000
- Freight Costs: $5,000
- Sales Tax: $35,000
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| Updated (Actual Exam) 2025\2026 LATEST VERSION!!
The company also signed a
mainte- nance agreement for 5
years, which will be billed
separately at the rate of $10,000
plus sales tax of $700 per year.
Question: At what value should
the equipment be recorded on the
books of ABC Company?
13. Costs and estimated earnings in A current asset
Ex- cess of Billings on
uncompleted con- tracts are
recorded on the contrac- tor's
financial statements as...
14. Billings in Excess of Costs and esti-
mated earnings on uncompleted A current liability
con- tracts are recorded on the
contrac- tor's financial statement
as...
15. The practice of unbalanced bidding, is Front-end Loading
referred to as...
16. ABC Company sold a crane to
XYZ Company for $100,000. The DR. Cash $100,000
crane DR. Accumulated Depreciation $150,000
originally cost $300,000, and the com- DR. Loss on Sale of Equipment $50,000
pany had accumulated CR. Fixed Asset Equipment $300,000
depreciation on the equipment
totaling $150,000. What is the
entry that ABC Company would
make to remove the asset from its
books?
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