Job Costing
The primary purpose of a cost management system is...
A) To track costs accurately
B) To ensure timely payments
C) To monitor project progress
D) All of the above
What is D)
It is the PM's responsibility to send an updated field estimate and updated quantity back to the Financial Coordinator by which day of the week?
What is Thursday?
TRUE OR FALSE:
All subcontractors going forward must be set up to bill their invoices in Procore.
What is TRUE.
TRUE OR FALSE:
If a cost code has been deactivated, a Change order can be spread to that code.
What is FALSE.
Once a cost code has been deactivated, you must reopen it if you want to spread more budget to that code.
Tracking project P&L's is important because.....
A) To track financial performance and manage cash flow
B) Identify areas of risk
C) Create/adjust long-term corporate goals
D) All of the above
What is D)
S A M P L E are all examples of.....
What are Cost Types?
TRUE OR FALSE:
Subcontractors must pay invoices in Procore
WHAT IS FALSE.
As of right now, we are only required to have invoices set up only.
TRUE OR FALSE:
If the payment terms of a contract are 30 days, we expect to be paid within 30 days.
What is TRUE.
- Recognized revenue is less than billed to date amount
- Main contributor to a positive cash position
What is Overbilling?
TRUE OR FALSE:
Owners are typically billed for progress billings weekly.
What is FALSE?
Progress billings are mostly sent out on a monthly basis
TRUE OR FALSE:
The field estimate % must be the same quantity % under each labour code.
What is FALSE?
They can be the same, but it is not necessary as quantity does not always reflect the % completion in terms of cost
RANDOM TRIVIA:
The largest project that Alberici is currently working on is....
What is the Next Star Battery Plant in Windsor!
What are the goals of the monthly JC reporting review?
A) Updating additional costs to complete and projected total costs
B) Communicating any outstanding issues and assessing risks and opportunities
C) Both A or B
D) Neither A or B
What is C.
- Updating additional costs to complete and projected total costs
- Communicating any outstanding issues and assessing risks and opportunities
This method recognizes revenue as work progresses on a contract or the percentage of the contract completed at a given time.
*2x POINTS IF YOU GET THE FORMULA*
What is the Cost Percentage of Completion Method?
Actual Costs Incurred/Projected Total Cost at Completion
A written amendment to a contract signed by the owner and contractor upon a change in the scope of work is called a...
What is an Approved Change Order.
Arrange the Timeline to Update the Labour Reports:
A) Updated Field % to be returned to financial coordinator
B) New forecast entered and distributed with financial summary
C) Labour report is sent to PM to update the % complete
D) Payroll enters Hours
What is....
D) Payroll enters Hours
C) Labour report is sent to PM to update the % complete
A) Updated Field % to be returned to financial coordinator
B) New forecast entered and distributed with financial summary
FREE POINTS
FREE POINTS
Which of the following is NOT a use for the Detailed Expenses Report?
A) Comparing budgeted vs actual costs
B) Forecasting future risks & opportunities
C) Checking on the status of a code
D) Seeing a list of active personnel on sight.
What is D.
Recognized revenue is greater than billed to date amount; this is not good for cash.
What is Underbilling?
What is the Schedule of Value
The new method currently being introduced to update quantity completion for each code in the field and automatically generate a field estimate % for labour codes?
- Rules of Credit method
- Total Quantity % method
- Measured Costs Completion method
What is the Rules of Credit method?
RANDOM TRIVIA:
Who is the CEO of ACI?
ACI is Richard Jaggers!
There are 9 tabs in the Monthly JC Review Package
Name 5 for 500
Name ALL for 1000.
- Financial Summary/Dashboard
- Summary Report by Cost Type
- Summary of CO's
- Detailed Expenses Report
- Gross Margin
- Bill Log
- Cash and Billings Curve
- Labour Data
- P&L
Name 3 Factors that Impact Revenue and Gross Margin
What is...
- Estimation of total contract value
- Estimation of total contract costs
- Timeframe of the project
- Measurement of Progress
- Contract Terms