Job Costing
Labour Reporting
Procore
Detailed Expenses/ JC Reporting
Cost % of Completion
100
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)
100
The day of the week in which the PM is responsible to send an updated field estimate and updated quantity back to the Financial Coordinator.
What is Thursday?
100
TRUE OR FALSE:
All subcontractors going forward must be set up to bill their invoices in Procore.
What is TRUE.
100
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.
100
This is the reason why tracking project P&L's is important.
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)
200
S A M P L E are all examples of this.
What are Cost Types?
200
The highlighted numbers represent this types of data.
- Cost
- Percentage
- Hours
200
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.
200
TRUE OR FALSE:
If the payment terms of a contract are 30 days, we expect to be paid within 30 days.
What is TRUE.
200
This occurs when recognized revenue is less than the billed to date amount and is the main contributor to a positive cash position.
What is Overbilling?
300
TRUE OR FALSE:
Owners are typically billed for progress billings weekly.
What is FALSE?
Progress billings are mostly sent out on a monthly basis
300
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
300
RANDOM TRIVIA:
The largest project that Alberici is currently working on.
What is the Next Star Battery Plant in Windsor!
300
These 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
300
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
400
A written amendment to a contract signed by the owner and contractor upon a change in the scope of work is called this.
What is an Approved Change Order.
400
This is the correct order of the timeline to update 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
400
FREE POINTS
FREE POINTS
400
This 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.
400
This occurs when recognized revenue is greater than the billed to date amount and is not good for cash.
What is Underbilling?
500
A part of the Progress Billings that is updated by the Project Managers that states the percentage of work completed during the billing period.
What is the Schedule of Value
500
This term is the new method being introduced to update quantity completion for each code in the field, as it automatically generates a field estimate % for labour codes.
What is the Rules of Credit method?
500
RANDOM TRIVIA:
The CEO of ACI.
ACL is Greg Brokenshire
ACI is Richard Jaggers!
500
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
500
Name 3 Factors that Impact Revenue and Gross Margin
What is...
