Final Exam

a type of accounting method used by contractors where income is taken into account only when cash is actually received and expensse is taken into account only when cash is actually expended

what is the accrual method

what is cash method

a type of accounting method used by contractors where income is actually taken into account in the fiscal period during which is earned regardless of whether payment has actually been received

a contract that is defined for tax purposes as one that is not completed within the taxable year in which the contract was formed

what is percentage of completion method

this method has a disadvantage that does not reflect current performance for long term contract and may result in irregular recognition of income

what is percentage of completion method

this method has a disadvantage that does not reflect current performance for long term contract and may result in irregular recognition of income

this method is used when 90% of the revenue and expenses for the contract are accounted for using the percentage of completion method

what are important aspexts or factors to be considered in determining what equipment to be used in a project

what are examples of equipment fixed cost

what are exmaples of equipment operating cost

what payment documents allocate the entire contract sum among the various portions of the work

what payment documents details the history of payment received by the contractor as well as reflecting current payment requested

what is the schedula of values

a financial statement that communicates the so called book value of an organization as calculated by subtracting all of the companys liabilities and shareholder equity from its total assets

what are exmples of assets

what are examples of liabilities

what is a balance sheet

what is owners equity

a component of the general conditions of a contract that spells out how the construction site will be accessed and managed

a component of the general conditions of a contract that details on how communication, documentation, and reporting are handled, as well as the responsibilities of various stakeholders including the owner, contractors, and design team

in which component of the general conditions of a contract where procedures for scheduling, coordinating, and managing inspections by local authorities under with

in which component of the general conditions of a contract where rules regarding compliane with enviornmental regulations

in which component of the general conditions of a contract where specifications for installation, maintenance, and removal of temporary facilities

in which component of the general conditions of a contract where instructions on how project documentation should be created, handled, and stored under with

in which component of the general conditions of a contract where giudlines on what reports should be generated througout the project, how often they shoul dbe created, and who they should be submitted to

in which component of the general conditions of a contract where for the safety measures that must be followed on the site. this may involve rules about ppe

in which component of the general conditions of a contract where clear definitions of the responsibilities and roles of all the stakeholders involved in the project such as the project owner, gc, subs, architect, and engineers

in which component of the general conditions of a contract where it details how punch lists will be handled and completed

in which component of the general conditions of a contract where information on the specific laws, regulations, and building cored the project must adhere to

in which component of the general conditions of a contract where it procides details on the amount of money that will be witheld from each payment until the project is completed

a construction contract between owner and contractor consist of how many articles based on the A1A 101 contract form

who is responsible in ensuring the safety of the job site

what are the responsibilities of the superintendent

who prepares shop drawings

the primary goal of the project manager on every project is to finish the project:

a document submitted by the gc to verify ambiguous or unclear information within the construction documents

these are documents, mock ups, or samples created by the contractor and preseented to the owner or architect for approval prior ro ordering or placement in the building

a document durig the bidding period provided to the bidders to clarify any error, omission, or inquiry and becomes part of the contract documents

changes made by the owner during construction to either add or subtract the scope of work

these are payments based on the percentage of work completed and taken drom the original bid amount schedule of values

a provision in the construction contract to compensate owners for loss of revenue resulting from a delay in a projects substantial completion date

a point in time when the owner can partially or wholly occupy the facility

what are reasons for termination of a contract

a type of construction insurance that provides benefits to employees or their families if they are killed or injured on the job

what are union shops open shops.