In: Computer Science
True
False
QUESTION 2
16.6 The main purpose of an audit of a construction company’s financial statements is to:
|
Confirm that the statement was prepared in accordance with GAAP rules |
||
|
Prepare income tax returns |
||
|
Check the arithmetic used in the financial statement |
||
|
Find employee malfeasance |
QUESTION 3
16.5 From the project lifecycle, we can learn all of the following except:
|
Early CM involvement helps to optimized time and cost management |
||
|
Material and labor expenditures should be leveled to manage cash flow |
||
|
Project risk declines with time |
||
|
Cost of change increases with time |
QUESTION 4
16.3 Which of the following best describes the challenges in managing demobilization?
|
Managing labor productivity for smaller, fussier tasks and managing worker expectations |
||
|
Maintaining the project owner's attention |
||
|
Slow government approvals |
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|
Subcontractors are unwilling to complete work until finally paid |
QUESTION 5
16.1 When the amount that has been earned (BCWP) is consistently below the amount that was supposed to be earned (BCWS), it can be concluded that the project is behind schedule.
True
False
QUESTION 6
16.7 Cost estimating and the resulting data are used for all purposes except:
|
Financial Management of the CM Company |
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|
Planning the project |
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|
Monitoring and controlling costs |
||
|
Costing to win the project |
|
Lessons learned from the project can improve performance on similar future projects. |
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The closeout documents are the construction manager's property, so the owner must work with the construction manager when future renovations or additions are performed |
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The closeout interview between senior construction management personnel and the project owner increases the likelihood of future construction work. |
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Retention of excellent contract document records can benefit the project owner in future renovations. |
In: Civil Engineering
Tiger Furnishings
produces two models of cabinets for home theater components, the
Basic and the Dominator. Data on operations and costs for March
follow:
| Basic | Dominator | Total | |||||||
| Units produced | 1,500 | 250 | 1,750 | ||||||
| Machine-hours | 4,000 | 2,000 | 6,000 | ||||||
| Direct labor-hours | 2,000 | 1,000 | 3,000 | ||||||
| Direct materials costs | $ | 10,000 | $ | 4,000 | $ | 14,000 | |||
| Direct labor costs | 64,000 | 40,000 | 104,000 | ||||||
| Manufacturing overhead costs | 182,520 | ||||||||
| Total costs | $ | 300,520 | |||||||
Required:
Compute the individual product costs per unit assuming that Tiger Furnishings uses machine-hours to allocate overhead to the products. (Do not round intermediate calculations. Round final answers to 2 decimal places.)
?Basic unit cost:
Dominatior unit cost:
In: Accounting
Using Engineering News Record (ENR), graph the construction cost index (CCI) (y-axis) vs. time from 2001-2011. 4 points per year - equally spaced. ENR is a weekly magazine. You will find the CCI in a section called Construction Economics and in the older issues a section called Market Trends. (Neatness Counts!) Assume a project cost $400,000 in February 2012 - How much would this project cost in : Feb 2013 Mar 2015 May 2017 Jan 2019 Feb 2025 (projection) List 5 reasons why the actual cost may vary from your estimate.
In: Economics
Feb 2013
Mar 2015
May 2017
Jan 2019
Feb 2025 (projection)
In: Civil Engineering
In 2018, the Westgate Construction Company entered into a
contract to construct a road for Santa Clara County for
$10,000,000. The road was completed in 2020. Information related to
the contract is as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,610,000 | $ | 3,162,000 | $ | 2,230,800 | |||
| Estimated costs to complete as of year-end | 6,390,000 | 2,028,000 | 0 | ||||||
| Billings during the year | 2,100,000 | 3,672,000 | 4,228,000 | ||||||
| Cash collections during the year | 1,850,000 | 3,000,000 | 5,150,000 | ||||||
Westgate recognizes revenue over time according to percentage of completion.
4. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete information.
(Do not round intermediate calculations and round your
final answers to the nearest whole dollar amount. Loss amounts
should be indicated with a minus sign.)
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,610,000 | $ | 3,850,000 | $ | 3,250,000 | |||
| Estimated costs to complete as of year-end | 6,390,000 | 3,150,000 | 0 | ||||||
In: Accounting
In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,610,000 | $ | 3,162,000 | $ | 2,230,800 | |||
| Estimated costs to complete as of year-end | 6,390,000 | 2,028,000 | 0 | ||||||
| Billings during the year | 2,100,000 | 3,672,000 | 4,228,000 | ||||||
| Cash collections during the year | 1,850,000 | 3,000,000 | 5,150,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
5. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete information.
(Do not round intermediate calculations and round your
final answers to the nearest whole dollar amount. Loss amounts
should be indicated with a minus sign.)
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,610,000 | $ | 3,850,000 | $ | 4,050,000 | |||
| Estimated costs to complete as of year-end | 6,390,000 | 4,200,000 | 0 | ||||||
In: Accounting
Required information
In 2018, the Westgate Construction Company entered into a contract
to construct a road for Santa Clara County for $10,000,000. The
road was completed in 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,156,000 | $ | 3,388,000 | $ | 2,371,600 | |||
| Estimated costs to complete as of year-end | 5,544,000 | 2,156,000 | 0 | ||||||
| Billings during the year | 2,130,000 | 3,414,000 | 4,456,000 | ||||||
| Cash collections during the year | 1,865,000 | 3,300,000 | 4,835,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
5. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete information.
(Do not round intermediate calculations and round your
final answers to the nearest whole dollar amount. Loss amounts
should be indicated with a minus sign.)
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,156,000 | $ | 3,865,000 | $ | 4,095,000 | |||
| Estimated costs to complete as of year-end | 5,544,000 | 4,230,000 | 0 | ||||||
In: Accounting
Required information
In 2018, the Westgate Construction Company entered into a contract
to construct a road for Santa Clara County for $10,000,000. The
road was completed in 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,156,000 | $ | 3,388,000 | $ | 2,371,600 | |||
| Estimated costs to complete as of year-end | 5,544,000 | 2,156,000 | 0 | ||||||
| Billings during the year | 2,130,000 | 3,414,000 | 4,456,000 | ||||||
| Cash collections during the year | 1,865,000 | 3,300,000 | 4,835,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,156,000 | $ | 3,865,000 | $ | 3,265,000 | |||
| Estimated costs to complete as of year-end | 5,544,000 | 3,165,000 | 0 | ||||||
In: Accounting
In 2018, the Westgate Construction Company entered into a
contract to construct a road for Santa Clara County for
$10,000,000. The road was completed in 2020. Information related to
the contract is as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,580,000 | $ | 4,042,000 | $ | 2,175,800 | |||
| Estimated costs to complete as of year-end | 6,020,000 | 1,978,000 | 0 | ||||||
| Billings during the year | 2,060,000 | 4,562,000 | 3,378,000 | ||||||
| Cash collections during the year | 1,830,000 | 4,200,000 | 3,970,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
5. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete information.
(Do not round intermediate calculations and round your
final answers to the nearest whole dollar amount. Loss amounts
should be indicated with a minus sign.)
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,580,000 | $ | 3,830,000 | $ | 3,990,000 | |||
| Estimated costs to complete as of year-end | 6,020,000 | 4,160,000 | 0 | ||||||
In: Accounting