Specify the IRS designation for a multi-year contract. Recognize how the equity method is calculated.
Identify the tax calculation for the FUTA tax. Recognize the payment schedules for the different types of tax deposits. Specify how the wage bracket method is used. Identify the calculation used for the hourly rate plan. Recognize the lease rules related to short-term lease arrangements. Specify the uses for the lessee of a lease arrangement. Specify the proper disclosure for the different types of contingent losses. Recognize the reasons for loan balance differences in the records of the lender and borrower.Ĭite the rule used for determining the amount of a loss contingency accrual. Specify the purpose of the more important boxes listed on the Form 1099-MISC. Recognize the purpose of the different copies of the Form 1099-MISC. Specify the methods available for giving meaning to a supplier identification number. Recognize the accounting for the disposition of a fixed asset. Identify the depreciation calculations for all depreciation methods. Specify the significance of the mid-month convention. Identify the impact of a long operating cycle.Ĭite the circumstances under which the useful life concept is employed. Identify the linkage between the balance sheet and the income statement. Recognize the uses to which the accounting equation is put. Recognize when the straight-line rent concept should be applied. Specify the proper accounting for pre-contract costs.ĭescribe the normal account balances for the various account types. Identify the situations in which the completed contract method should be used.ĭescribe the circumstances under which the recovery of funds from a change order is probable. Recognize the different methods used to calculate the percentage of completion. Specify the methods used to determine the price of a contract.Ĭite the criteria used to identify contract fulfillment costs. State the criteria for the existence of a contract. Recognize the linkage between contracts and revenue recognition. Recognize the types of accounts most likely to be designated as control accounts by a contractor. Specify the components of a work breakdown structure. Identify the different types of ledgers used by a construction company. Specify the types of financial difficulties to which the construction industry is subjected. Specify the various causes of contract claims. Recognize the types of bonds that a contractor may be required to post.Ĭite the different types of clauses that may be added to a construction contract. Investments in Construction Joint VenturesĬhapter 14. Construction Financial StatementsĬhapter 12. Construction-Specific AccountingĬhapter 5. The Construction Accounting SystemĬhapter 3. Overview of the Construction IndustryĬhapter 2.