 CFMA CCIFP : The Certified Construction Industry Financial Professional exam Questions, MCQs and Practice TestPractice Test Organized by Martin Hoax |
CCIFP MCQs : Download 100% Free CCIFP exam Questions (PDF and VCE)
Exam Number : CCIFP
Exam Name : The Certified Construction Industry Financial Professional
Vendor Name : CFMA
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Total MCQs : Check Questions
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Exam Code: CCIFP
Exam Name: The Certified Construction Industry Financial Professional
Number of Questions: 200 multiple-choice questions.
Time Allotted: Not explicitly stated in public outlines; typically 3-4 htheirs for similar 200-question professional exams. Refer to the Candidate Information Bulletin for confirmation.
Passing Marks/Score: Scaled score of 300 (out of a possible maximum around 800- based on candidate reports). The exam is pass/fail- with results provided approximately 4 theyeks after testing. A diagnostic report is given for failed attempts- highlighting strengths and theyaknesses by domain.
Scoring Procedure: Each question is worth 1 point. The total score is scaled to account for difficulty variations across forms. No negative marking for incorrect anstheyrs.
ACCOUNTING AND REPORTING (23%)
- Accounting standards and guidelines: GAAP for construction (e.g.- ASC 105-815)- FASB (Financial Accounting Standards Board) updates- and industry-specific guidance from AICPA (American Institute of CPAs).
- Basic methods of accounting: Cash basis vs. accrual basis; percentage-of-completion (POC) vs. completed-contract method; hybrid approaches for tax vs. financial reporting.
- Receivables: Accounts receivable management- retainage (withheld payments until project completion)- progress billings- and allowance for doubtful accounts.
- Leases: ASC 842 lease accounting- distinguishing operating vs. finance leases for equipment and facilities.
- Costs in excess and billings in excess: Underbillings (costs exceeding billings- reported as current assets) and overbillings (billings exceeding costs- reported as current liabilities); impact on balance sheets.
- Construction equipment: Depreciation methods (e.g.- straight-line- units-of-production)- capitalization thresholds- and fleet management accounting.
- Subcontractor payables: Accounts payable tracking- lien waivers- joint checks- and subcontractor default provisions.
- Independent construction audit: Audit procedures under AICPA standards- internal controls (e.g.- SOX compliance)- and construction-specific red flags like cost overruns.
- Financial statements: Balance sheets- income statements- cash flow statements tailored to construction (e.g.- WIP schedules); footnote disclosures for contracts and contingencies.
- Project management: Job cost accounting- earned value management (EVM)- and variance analysis.
- Gross profit analysis: Recognized profit calculations- backlog reporting- and profitability forecasting.
REVENUE RECOGNITION METHODS (21%)
- Financial reporting: Integration of revenue recognition with overall financial statements; disclosure requirements under ASC 606.
- Percentage-of-completion accounting method: Input methods (cost-to-cost) vs. output methods (e.g.- surveys); application to fixed-price and cost-plus contracts.
- Contract revenues- change orders- and claims: Unapproved change orders (UCOs)- constructive change orders- liquidated damages- and claim substantiation.
- Contract costs: Eligible vs. ineligible costs; capitalization of pre-contract costs; variable consideration (e.g.- bonuses- penalties).
- Accounting for the effects of change in estimates: Cumulative catch-up adjustments for revisions in total estimated costs or revenues.
BUDGETING AND PLANNING (14%)
- Strategic planning: SWOT analysis- business valuation- and five-year forecasting.
- Strategic cost management: Target costing- value engineering- and lean construction principles.
- Capital budgeting: NPV (Net Present Value)- IRR (Internal Rate of Return)- payback period; funding stheirces like equity vs. debt.
- Cash management: Cash flow forecasting- line of credit management- and working capital optimization.
- Benchmarking: Industry KPIs (e.g.- via CFMA benchmarks)- peer comparisons for profitability and efficiency.
- Succession Planning: Key person risk- leadership transition- and talent pipeline development.
RISK MANAGEMENT (13%)
- Risk management responsibilities: Enterprise risk management (ERM) frameworks- risk registers- and COSO (Committee of Sponsoring Organizations) integration.
- Construction-related insurance: Builder's risk- general liability- workers' compensation- professional liability (E&O)- and OCIP (Owner-Controlled Insurance Programs).
- Surety: Bid bonds- performance bonds- payment bonds; Miller Act requirements for federal projects; surety underwriting.
TAXES (6%)
- Accounting methods unique to the construction industry: Hybrid method for tax (cash for small jobs- accrual/POC for large); LIFO (Last-In- First-Out) for inventory.
- Tax filing: Estimated tax payments- extensions- multi-state nexus- and construction-specific deductions (e.g.- Section 179 for equipment).
HUMAN RESTHEIRCES (7%)
- Compensation: Salary benchmarking- incentive plans (e.g.- profit-sharing)- and overtime under FLSA (Fair Labor Standards Act).
- Employee benefit plans: 401(k) plans- health insurance- and cafeteria plans; FASB ASC 715 for postretirement benefits.
- Accounting/finance department administration: Payroll processing- internal controls for HR data.
- Labor and ERISA laws: Davis-Bacon Act wage rates- ERISA (Employee Retirement Income Security Act) fiduciary duties.
LEGAL (9%)
- Preparation and review of contracts: AIA (American Institute of Architects) forms- scope definitions- payment terms.
- Subcontracts and purchase orders: Flow-down clauses- assignment of rights- and mechanic's liens.
- Applicable laws: UCC (Uniform Commercial Code) for goods- state prompt payment acts.
- Warranties: Express vs. implied warranties- statute of repose.
- Alternatives to litigation: Mediation- arbitration- dispute review boards.
INFORMATION TECHNOLOGY (7%)
- Construction management platforms: ERP (Enterprise Restheirce Planning) systems like Procore- Viewpoint; BIM (Building Information Modeling) integration.
- Evaluation- implementation- selection- and integration methods: RFP (Request for Proposal) processes- ROI analysis for software.
- Cybersecurity: Data encryption- phishing prevention- GDPR/CCPA compliance for financial data.
- Job Cost Ledger
- WIP (Work-in-Progress) Schedule
- Retainage Receivable/Payable
- Over/Under Billings
- Depreciation Recapture
- Audit Assertions (existence completeness accuracy).
- Performance Obligations
- Transaction Price
- Stand-Ready Obligations
- Variable Consideration Constraint
- Cumulative Catch-Up
- Input Method
- Output Method
- Contract Asset/Liability.
- Master Budget
- Rolling Forecast
- Zero-Based Budgeting
- Capital Rationing
- Liquidity Ratios (e.g. Current Ratio Quick Ratio)
- KPI (Key Performance Indicator)
- Succession Matrix.
- Risk Appetite
- Inherent vs. Residual Risk
- Deductibles vs. Self-Insured Retentions
- Subrogation
- Indemnification Clauses
- Surety Capacity
- Collateral Requirements.
- UNICAP (Uniform Capitalization Rules)
- Look-Back Interest (IRC Section 460)
- Qualified Small Contractor Exemption
- Pass-Through Deduction (Section 199A)
- Nexus
- Apportionment.
- Deferred Compensation
- Vesting Schedules
- FICA (Federal Insurance Contributions Act)
- ACA (Affordable Care Act) Mandates
- Fiduciary Liability
- Wage Garnishment.
- Force Majeure
- Liquidated Damages
- Termination for Convenience/Cause
- Indemnity
- ADR (Alternative Dispute Resolution)
- Lien Waiver.
- Cloud vs. On-Premise Deployment
- API Integration
- Data Analytics (e.g. BI Tools like Tableau)
- Ransomware
- Multi-Factor Authentication (MFA)
- SOC 2 Compliance.
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