CCIFP Exam
Study online at https://quizlet.com/_hgkf0w
1. ASC 606 Revenue recognition standard requiring revenue to be recognized as perfor-
mance obligations are satisfied over time or at a point.
2. OCBOA Non-GAAP accounting framework, including cash, modified cash, or income tax
basis.
3. FRF for SMEs Simplified OCBOA for small/medium businesses, often tax-focused.
4. Income Tax Basis OCBOA method aligning financials with tax return rules.
5. Cash Basis OCBOA method recording revenue/expenses when cash is exchanged.
6. Retainage Amount owner withholds until project completion, separate from receivables or
contract assets, reported separately.
7. Materiality Information that could influence a financial statement user's decision if misstated
or omitted.
8. Contract Receiv- Amounts invoiced for contract work, disclosed separately under GAAP.
ables
9. Government Re- Amounts owed by government entities, typically stable, disclosed separately.
ceivables
10. Tax Refunds Receivables from tax authorities, disclosed separately.
11. Related Party Re- Amounts owed by entities with common control, requiring separate disclosure.
ceivables
12. Billings on Un- GAAP disclosure for amounts billed but not yet earned on ongoing contracts.
completed Con-
tracts
13. Receivables tied to revenue not yet earned, disclosed under GAAP.
, CCIFP Exam
Study online at https://quizlet.com/_hgkf0w
Receivables from
Unearned In-
come
14. Retainage Disclo- GAAP requirement to disclose retainage expected to be collected within one year.
sure
15. Concentrations Disclosure of significant customer or industry concentrations affecting receivable
of Credit Risk collection.
16. Past Due Policy GAAP disclosure of how receivables are deemed past due or delinquent.
17. Charge-Off Policy GAAP disclosure of rules for writing off uncollectible receivables.
18. Contract Assets Revenue earned but not billed, often from percentage of completion method,
sometimes discounted by lenders.
19. Contract Liabili- Obligations to deliver goods/services for payments received, seen as 'good lia-
ties bility' for financing.
20. Percentage of Revenue recognized based on proportion of work completed, creating contract
Completion assets/liabilities.
Method
21. Unbalanced Contract assets/liabilities from uneven revenue and billing timing in percentage
Items of completion.
22. Input Method Estimates percent complete by costs incurred, like labor or materials.
23. Output Method Estimates percent complete by milestones, like units delivered.
24. Revenue Recog- GAAP prohibits revenue recognition until final contract amount is agreed.
nition Restriction
25. Stored Materials Materials purchased but not used, excluded from cost-to-cost calculations.
, CCIFP Exam
Study online at https://quizlet.com/_hgkf0w
26. Equipment Cost Costs pooled and allocated across contracts, adjusted annually to avoid over/un-
Allocation der allocation.
27. Matching Princi- Allocates overhead costs to revenues in the same period.
ple
28. Project Manage- Salaries tied to active contracts.
ment Salaries
29. Depreciation Accelerated methods to maximize tax deductions.
(Tax)
30. Depreciation Consistent methods for stable financial reporting.
(Book)
31. Equipment Dis- GAAP requires reporting major asset classes, depreciation methods, and idle or
closures impaired equipment.
32. Payables Amounts currently owed to suppliers or subcontractors, reported as liabilities.
33. Retainage Amounts withheld from subcontractors until project completion, disclosed by
Payable term.
34. Retentions GAAP requires disclosing retentions expected to be paid beyond one year.
Payable
Disclosure
35. Advances on GAAP disclosure for advances received on cost-plus contracts for work in progress.
Cost-Plus Con-
tracts
36. GAAP disclosure for reliance on specialized materials or key suppliers.
Study online at https://quizlet.com/_hgkf0w
1. ASC 606 Revenue recognition standard requiring revenue to be recognized as perfor-
mance obligations are satisfied over time or at a point.
2. OCBOA Non-GAAP accounting framework, including cash, modified cash, or income tax
basis.
3. FRF for SMEs Simplified OCBOA for small/medium businesses, often tax-focused.
4. Income Tax Basis OCBOA method aligning financials with tax return rules.
5. Cash Basis OCBOA method recording revenue/expenses when cash is exchanged.
6. Retainage Amount owner withholds until project completion, separate from receivables or
contract assets, reported separately.
7. Materiality Information that could influence a financial statement user's decision if misstated
or omitted.
8. Contract Receiv- Amounts invoiced for contract work, disclosed separately under GAAP.
ables
9. Government Re- Amounts owed by government entities, typically stable, disclosed separately.
ceivables
10. Tax Refunds Receivables from tax authorities, disclosed separately.
11. Related Party Re- Amounts owed by entities with common control, requiring separate disclosure.
ceivables
12. Billings on Un- GAAP disclosure for amounts billed but not yet earned on ongoing contracts.
completed Con-
tracts
13. Receivables tied to revenue not yet earned, disclosed under GAAP.
, CCIFP Exam
Study online at https://quizlet.com/_hgkf0w
Receivables from
Unearned In-
come
14. Retainage Disclo- GAAP requirement to disclose retainage expected to be collected within one year.
sure
15. Concentrations Disclosure of significant customer or industry concentrations affecting receivable
of Credit Risk collection.
16. Past Due Policy GAAP disclosure of how receivables are deemed past due or delinquent.
17. Charge-Off Policy GAAP disclosure of rules for writing off uncollectible receivables.
18. Contract Assets Revenue earned but not billed, often from percentage of completion method,
sometimes discounted by lenders.
19. Contract Liabili- Obligations to deliver goods/services for payments received, seen as 'good lia-
ties bility' for financing.
20. Percentage of Revenue recognized based on proportion of work completed, creating contract
Completion assets/liabilities.
Method
21. Unbalanced Contract assets/liabilities from uneven revenue and billing timing in percentage
Items of completion.
22. Input Method Estimates percent complete by costs incurred, like labor or materials.
23. Output Method Estimates percent complete by milestones, like units delivered.
24. Revenue Recog- GAAP prohibits revenue recognition until final contract amount is agreed.
nition Restriction
25. Stored Materials Materials purchased but not used, excluded from cost-to-cost calculations.
, CCIFP Exam
Study online at https://quizlet.com/_hgkf0w
26. Equipment Cost Costs pooled and allocated across contracts, adjusted annually to avoid over/un-
Allocation der allocation.
27. Matching Princi- Allocates overhead costs to revenues in the same period.
ple
28. Project Manage- Salaries tied to active contracts.
ment Salaries
29. Depreciation Accelerated methods to maximize tax deductions.
(Tax)
30. Depreciation Consistent methods for stable financial reporting.
(Book)
31. Equipment Dis- GAAP requires reporting major asset classes, depreciation methods, and idle or
closures impaired equipment.
32. Payables Amounts currently owed to suppliers or subcontractors, reported as liabilities.
33. Retainage Amounts withheld from subcontractors until project completion, disclosed by
Payable term.
34. Retentions GAAP requires disclosing retentions expected to be paid beyond one year.
Payable
Disclosure
35. Advances on GAAP disclosure for advances received on cost-plus contracts for work in progress.
Cost-Plus Con-
tracts
36. GAAP disclosure for reliance on specialized materials or key suppliers.
