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cost accounting
Questions and Answers of
Cost Accounting
Why might the GC’s PM want to pick up the owner’s check in person?
What would happen to a subcontractor’s lien release if the GC unilaterally revised theirinvoice and processed a check?
What would happen if Northwest Resorts discovered Evergreen Construction Company was overbilled by $2 million during a mid-project audit of our open-book case study project?
What are some materials or fabrications that a GC may be willing to pay a supplier for early if the materials were either stored on the jobsite or in the supplier’s yard and why those materials?
Assume this is a $20 million project and $10 million has been invoiced and received prior to this month. The GC is processing a $2 million invoice for this month. How much will the unconditional lien
What should the GC’s PM do if one subcontractor does not send their invoice in on time? How would your answer differ if this were a large or a small subcontractor?
What should the GC’s PM do if the owner has a problem with one subcontractor’s proposed invoice during the 25th of the month walkthrough, but that subcontractor is refusing to modify its proposed
Proper pay request processing is an important project management and cost engineering responsibility. What are some other important responsibilities for the PM?
Assume this is a $10 million construction project and $8 million, including fees and other markups, worth of work is in place and has been invoiced. How much retention will have been deducted by the
What is the difference between a COP and a formal contract change order and a claim?
Which method of dispute resolution will the parties follow?
How much backup should a PM or estimator or cost engineer include with a COP?
What is the preferred timing of incorporating formal contract change orders and why then?
What would happen to the GC’s PM if the client discovered pricing in the COP had beenfalsified or inflated?
When would it be beneficial for a contractor to perform change order work on a fixed pricebasis?
When would it be beneficial for a contractor to perform change order work on a T&M basis?
Other than the four typical change clauses described in this chapter, how might a changed condition warranting additional cost and/or time occur?
Prepare a flow chart identifying a discrepant condition, such as an incorrect soap dispenser in ten hotel room showers identified by NWR’s owner’s representative during a walkthrough, the
If the GC cannot get a subcontractor to price a change fairly, what should they do?
Prepare a COP for the Olympic Hotel case study project for the addition of restaurant kitchen equipment. Include the following costs: a. Miscellaneous architectural subcontractors totaling
Have you experienced a successful change management operation and/or an unsuccessful one? Why do you feel this was the case?
List three close-out items a cost engineer may be tasked to expedite.
If close-out lasts two to three months, what happens to a contractor’s fee?
Who on the GC’s team should manage punch list completion and why him or her?
When does liability for LDs stop?
What is the AHJ looking for when they inspect for the C of O?
How long is a standard building warranty?
Why does a project owner want surplus finish materials?
Before a project owner releases complete retention, what do they want from the GC? Notethere are several answers to this question.
What happens to a $5,000 warranty budget which is not used within the one year warrantyperiod ona) A lump sum project,b) A T&M project,c) A GMP project?
Prepare a close-out log for the hotel case study. Include at least ten subcontractor and supplier categories. Make whatever assumptions are necessary.Hotel Case Study:Many additional elements are
Assume you were the PE for the construction of a new aerospace manufacturing facility. The facility manager has made a warranty claim regarding the fire alarm system – evidently it goes off
Our case study contractor, ECC, has received partial TCO approval from the AHJ for floors 1 and 2 and the garage. Olympic Hotel and Resort wants to conduct a ‘soft’ opening for a small one-week
What are some other combinations of interest and years that meet the rule of 72?
Why does a GC concern itself with a subcontractor’s financial strength?
Why should a PM and cost engineer be aware of TVM?
At what interest rate (i) would a PV of $100 be the same as a FV of $100 in any given year (n)?
Do you have money in a savings account? You should! How much interest are you earning? Is it enough? If left in place at this interest rate, when would your savings account double?
If your great aunt had left you an inheritance of $10,000 in 1980, and it had been locked up in a certificate of deposit at an interest rate equal to the inflation rate at that time, i.e. the same
What is the FV of a $1 million investment made today ten years from now with an anticipated 15% annual ROE?
What is the present value of a lump sum $300,000 inheritance received 40 years from now assuming a 2% inflation rate?
If an investment is made today of $400,000 at a guaranteed rate of 5%, how many years will it need to be invested to realize a FV of $1,000,000?
Assume that your $250,000 investment made today will realize you $2,500,000 in 20 years in the future. What was your annual ROE?
Which craft in Table 18,2 has the highest: a) Bare wage rate, b) Total labor burden, c) Percentage markup for labor burden,d) Loaded wage rate? Table 18.2 Labor burden Construction Craft
What is the difference between a marginal tax rate and an effective or average tax rate?
What is the difference between labor burden and labor benefits?
Other than roads and schools, what might taxes be used to pay for?
What types of legal business organizational structures are subject to double income tax?
What are some of the different ways a construction firm owner, who is both an equity partner and a company employee, can financially benefit through the ownership of a construction company? There are
Looking at the leverage Example Two included earlier, how many projects could be leveraged and what ROI would a developer realize if he or she only had to put down 10% for each project?
What is the structure of the payback difference for a GC for a short-term versus a long-term loan?
If a GC is running short on operational cash, why doesn’t the business owner just contribute more of his or her own personal cash?
What is a developer’s ‘draw’?
What is a ‘debt service’?
What is the difference between a cap rate and an interest rate?
Why would a contractor keep its development operations separate from its construction operations?
What is the difference between a spec real estate developer and a build-to-suit client?
Why do so many participants in the BE want to become developers?
Why would a bank not want to loan a developer to purchase bare land or loan for soft costs necessary to perform a feasibility study?
Why does a construction loan cost 1–2% more in interest than a permanent loan?
Which firm would likely realize the largest profit potential, an at-risk developer or a fee developer?
Which firm would go bankrupt if a project was completed but lost its tenant and sat vacant for several years: a) Fee developer, b) At-risk developer, c) Architect, d) Real estate broker,e) GC?
The word ‘pro forma’ sounds similar to the word ____________.
Other than their personal homes, what might equity owners be required to pledge for loan collateral?
The developer’s pro forma continues to be modified and improved with increased accuracy throughout the development process. What other contractor-generated financial document and cost reporting
Putting on your construction hat, what are three items which would be included under ‘land improvements’?
What risks does a developer have by modifying the pro forma to make the project appear more profitable than it might actually be?
There are many companies and individuals which might participate in a real estate development organization chart. The generic development organization chart included here has a few of them. List
If one floor of garage below grade is added to the example pro forma at 20,000 gross square feet (GSF) using the parking stall efficiency figure of 350 SF/stall and the rental of $200/stall, what did
We introduced a lot of new terms and abbreviations and acronyms and slang in this last chapter particular to real estate development. We did not include a separate glossary specific to this chapter,
Why do we as project managers and project engineers need to know about accounting at thea) Home office and/orb) At the jobsite?
Which is the number one sign a contractor may be experiencing financial difficulties?
Of the construction company types discussed, which would most likely build:a. A golf course, b. The golf course clubhouse, c. The home for the golf professional adjacent to the 18th tee box?
Other than the earlier example, what mix of different construction uses (MXD) have you observed all in one structure?
What is the difference between cost ‘control’ and cost ‘management’? You may have to look forward for this one as well.
Other than the reasons given earlier, why might a contractor choose to bid a project?
Other than the signs given earlier, how might you notice a contractor, or subcontractor, is suffering financial difficulties?
Assume every student in your class starts a construction company next June. How many of them will declare bankruptcy within seven years of graduation? Hopefully not you!
Without looking at the organization chart on the eResource, draw one for the case study project from the information given earlier. You may want to thumb through the rest of the text for additional
If you have already worked for a construction company, what subset of the construction industry did it specialize in?
What is the difference between a C corporation and an S corporation?
What is the difference between a CEO and a CFO?
Why would a construction company want to perform accounting operations out of the home office?
Why would a construction company want to perform accounting operations at the jobsite?
What is a CPA? Is this a person or a company?
Why would a contractor employ the services of an outside CPA versus an internal bookkeeper?
Who might the PM report to other than a CEO?
What type of construction firm ownership structures are subject to double taxation?
List at least two other staff positions in the home office beyond those provided in this chapter.
Why do you feel a speculative home builder does not carry 50 completed homes in inventory?
Other than the examples given earlier, what other industries are drastically different than construction?
What industries are similar to construction?
List another reason that the construction industry is different than other industries.
If you already work for a construction company, which of the ownership structures discussed earlier applies to your firm?
Not discussed in this text, but what items on a construction project might be vulnerable to external theft?
Construction CFOs are officers and often part-owners of the company. Why do you think that is?
This author’s construction consulting business is a sole proprietorship and utilizes the cash accounting method. Why do you think he made those choices?
Compare the four primary methods of construction accounting discussed in this chapter and compute the reported revenue, expenses, and income or profit for each, for a contractor which has only one
The construction industry today is ranked ____ among other GDP industries.
What are the advantages for an owner to utilize a traditional delivery method and a lump sum price? What are the disadvantages for a contractor for the same scenario?
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