Financials
What is the difference between construction and normal accounting?
Construction focuses on project, progress payment
Normal is made to spec, paid upfront
What are the 2 types of accounting?
Cash and accrual
Which account is parking?
indirect
This financial statement captures a moment in time
Revenue - expenses
This financial statement provides information over time
income statement
This person approves the SOV and progress payment
Architect
Book value - market value
depreciation
Name a type of construction bond
bid
performance
payment
The IRS lets companies choose this
Dates of fiscal year
Besides bid shopping, what is the other ethical decision discussed?
Bid shopping
Contractor's cash flow is always this
Negative
Front end loading is also called this
Billings in excess of costs and estimated earnings
What are the 4 types of direct costs?
Labor
Material
Equipment
Subcontractors
The IRS dictates the level of this
Depreciation