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construction accounting
Questions and Answers of
Construction Accounting
Why are the social security and Medicare taxes paid by he employee not included in labor burden?
What are the key steps in the monitoring and controlling process?
What does it indicate when a superintendent has to write a lot of stop gap purchase orders? How would you address this issue?
What is the best way to control labor costs? What tools are discussed in the chapter that may be used to help control labor costs?
Why are equipment costs for company-owned equipment hard to predict?
What is an internal change order and how is it used?
What are some of the problems with using the CPI?
What is a project closeout audit and why should it be performed?
During the design phase, what are the steps for monitoring and controlling construction costs?
How does the method of depreciation affect financial analysis?
How does retention affect the financial ratios? What ratios does it affect?
A contractor has a contract to construct the sanitary sewer, water line, storm drain, and street lighting for a new subdivision. The contractor uses the cost codes in Figure 2-6. The original
Why is labor seldom a committed cost?
What should you look for in a construction accounting system?
A contractor has a contract to remove and replace the existing landscape and sidewalks around an office building. The work includes demolition of the existing landscaping and sidewalks, importing
Your company has been hired to act as a construction manager for the construction of a bookstore for a fixed fee of $32,000. When the design was 90% complete, you prepared a budget for the
The project in Problem 10 is expected to take 9 months to complete. The costs for the project at the end of the second month are shown in Figure 4-16. You have a meeting with project’s owner to
Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as a result of recording over- and underbillings
Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as a result of recording the over- and underbillings
What is a depreciation schedule?
How does calculating depreciation using the IRS tables, such as Table 5-6, differ from calculating depreciation using declining balance method used Example 5-3?In Table 5-6
Why would a company use the sum-of-the-year or declining-balance methods to calculate depreciation?
What is cost segregation? What are the advantages and disadvantages of cost segregation?
How does Section 179 of the Internal Revenue Code affect depreciation?
What are some of the reasons for using a different depreciation method or recovery period for financial purposes than is used or tax purposes?
Prepare a depreciation schedule to be used for tax purposes for a $110,000 railroad spur (track) using the 200% declining-balance method and a half-year allowances.
Obtain a chart of accounts from a local construction company. Compare and contrast the company’s chart of accounts with the chart of accounts in Figure 2-1. Does the company’s chart of accounts
What is the difference between cost reporting and cost control?
What is an overbilling and how is it used in percentage-of-completion accounting?
Committed costs are those costs the company has committed to pay and can quantity the cost. These costs may or may not have been recorded as expenses. Committed costs include fix-price subcontracts
What are underbillings and how do they occur?
According to the The Surety & Fidelity Association of America, what are the warning signs that a construction company is in financial trouble?
What are the purposes of the accounting system?
What are the six key principals of internal controls and how do they protect the company’s financial resources?
Why are internal controls needed?
What are overbillings and how do they occur?
What are the different accounting ledgers used by construction companies and what are their purposes?
What is the relationship among the chart of accounts, the balance sheet, and the income statement?
An invoice is billed to 102.02.12500S. What does each component of this cost code mean?
Visit with a controller or accountant who works for a construction company. Discuss the following questions:a. What role does the accounting system play in the success of the construction company?b.
How do he relationships between the balance sheet, in statement, job cost ledger, and equipment ledger help determine the changes made by each transaction?
Which of the transactions from this chapter result in a change in profit? What do they have in common?
Which of the transactions from this chapter result in a cash flow? What do they have in common?
Which of the transactions from this chapter result in neither a change in profit nor a cash flow? What do they have in common?
What is an underbilling and how is it used in percentage-of-completion accounting?
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