VIP Exclusive
CCIFP VIP Certification Practice Exam #2
CCIFP — The CCIFP (Certified Construction Industry Financial Professional) exam is administered by the ICCIFP and consists of approximately 200 questions over 4 hours, covering financial reporting, project accounting, bonding/surety, contracts, taxation, and risk management specific to the construction industry.
30
Questions
240m
Time Limit
70.00%
To Pass
Question 1 of 30👑 VIP
Meridian Contractors is working on a $4,200,000 fixed-price bridge project. At the end of Year 1, the project engineer estimates $1,680,000 in costs have been incurred and the remaining cost to complete is $2,520,000. The original estimated total cost was $3,900,000. Using the cost-to-cost percentage-of-completion method, what is the amount of revenue Meridian should recognize in Year 1, and what is the revised estimated gross profit or loss on the project?
Questions 2–30 and full explanations are VIP-exclusive.