1|Page
CCIFP - PRACTICE 2025/2026 EXAM WITH ALL
COMPLETE QUESTIONS AND DETAILED CORRECT
ANSWERS (VERIFIED) FOR GUARANTEED PASS
TOP-RATED A+.
CCIFP
Pass your CCIFP Exam using this thorough comprehensive study
resource. It includes realistic practice questions, detailed explanations,
and financial management principles aligning with CFMA and
ICCIFP standards. Ideal for professionals preparing for the Certified
Construction Industry Financial Professional exam.
The Project Management Team of ABC Company has
informed the CFO that a project is running into trouble with
respects to the budgeted costs for the work. They have
informed the CFO that they expect the project to sustain a
loss of 15%. The job is expected to be completed in 2 years.
The company uses the percentage of completion method to
recognize income. When should the company recognize the
potential loss? ...... ANSWER ....... In full in the year
the loss was determined
HIPAA protects what type of Employee Information? ......
ANSWER ....... Health Information
The first step the CFM considers in application of ASC 606
in recognizing revenue is ____________. ...... ANSWER
....... identify the contract(s)
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Under ASC 606-10-25-2 guidelines, a contract is an
agreement between two or more parties that
_____________________________. ...... ANSWER .......
creates enforceable rights and obligations
The key concept when a CFM is identifying separate
performance obligations under ASC 606 is
__________________________________________. ......
ANSWER ....... it must identify and promise to transfer a
good or service (or bundle of goods and services) that are
distinct
Two or more contracts entered into near the same time with
the same customer should be combined and accounted for as
a single contract if: ...... ANSWER ....... the contracts
are negotiated as a package with a single commercial
objective.
A contract modification ______________________. ......
ANSWER ....... is a change in the scope or price of a
contract, or both
When does the CFM identify the performance obligations in
a contract? ...... ANSWER ....... At inception
A good or service is distinct if both the good or service is
capable of being distinct, and __________________________.
...... ANSWER ....... the good or service is distinct
within the context of the contract
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The CFM should consider ______________ when
determining the transaction price. ...... ANSWER .......
the presence of Variable Consideration
The two methods the CFM has to determine Variable
Consideration are the Expected Value Method, and the
___________________________. ...... ANSWER .......
Most Likely Amount
When the CFM includes Variable consideration as part of the
transaction price, they must determine
___________________________,
___________________________. ...... ANSWER ....... it
is probable a significant reversal of the amount of
cumulative revenue will not occur
Under ASC 606-10-32-21 through 32-24 the CFM should
measure the non-cash consideration ___________. ......
ANSWER ....... At Fair Value
The CFM should recognize revenue ________________ the
entity satisfies a performance obligation by transferring a
promised good or service to a customer. ...... ANSWER
....... when or as
The two methods the CFM can use to implement ASC 606 in
the financial statements are __________ and
______________. ...... ANSWER ....... the full
retrospective transition method,
and
, 4|Page
the modified retrospective transition method
The CFM may elect for the entity to apply ASC 606 and
related GAAP changes retrospectively either to all contracts
at the date of initial application or only to contracts not
complete at the initial application date under the
____________________ method. ...... ANSWER .......
Modified Retrospective
XYZ Company recently completed their monthly project
reviews. The Project Manager identified the following
information about ABC Project:
Contract amount: $560,000
Estimated total costs: $600,000
Costs incurred to date: $456,000
Previous month's revenue recognition: $352,000
Previous month's costs incurred: $258,000
What will this month's impact on net income for this
particular project? ...... ANSWER ....... -134,000
When is it appropriate to recognize income from change
order? ...... ANSWER ....... When the change order is
initiated
Which protocol will allow auto configuration across the
network of IP addresses? ...... ANSWER ....... Dynamic
Host Configuration Protocol
CCIFP - PRACTICE 2025/2026 EXAM WITH ALL
COMPLETE QUESTIONS AND DETAILED CORRECT
ANSWERS (VERIFIED) FOR GUARANTEED PASS
TOP-RATED A+.
CCIFP
Pass your CCIFP Exam using this thorough comprehensive study
resource. It includes realistic practice questions, detailed explanations,
and financial management principles aligning with CFMA and
ICCIFP standards. Ideal for professionals preparing for the Certified
Construction Industry Financial Professional exam.
The Project Management Team of ABC Company has
informed the CFO that a project is running into trouble with
respects to the budgeted costs for the work. They have
informed the CFO that they expect the project to sustain a
loss of 15%. The job is expected to be completed in 2 years.
The company uses the percentage of completion method to
recognize income. When should the company recognize the
potential loss? ...... ANSWER ....... In full in the year
the loss was determined
HIPAA protects what type of Employee Information? ......
ANSWER ....... Health Information
The first step the CFM considers in application of ASC 606
in recognizing revenue is ____________. ...... ANSWER
....... identify the contract(s)
,2|Page
Under ASC 606-10-25-2 guidelines, a contract is an
agreement between two or more parties that
_____________________________. ...... ANSWER .......
creates enforceable rights and obligations
The key concept when a CFM is identifying separate
performance obligations under ASC 606 is
__________________________________________. ......
ANSWER ....... it must identify and promise to transfer a
good or service (or bundle of goods and services) that are
distinct
Two or more contracts entered into near the same time with
the same customer should be combined and accounted for as
a single contract if: ...... ANSWER ....... the contracts
are negotiated as a package with a single commercial
objective.
A contract modification ______________________. ......
ANSWER ....... is a change in the scope or price of a
contract, or both
When does the CFM identify the performance obligations in
a contract? ...... ANSWER ....... At inception
A good or service is distinct if both the good or service is
capable of being distinct, and __________________________.
...... ANSWER ....... the good or service is distinct
within the context of the contract
,3|Page
The CFM should consider ______________ when
determining the transaction price. ...... ANSWER .......
the presence of Variable Consideration
The two methods the CFM has to determine Variable
Consideration are the Expected Value Method, and the
___________________________. ...... ANSWER .......
Most Likely Amount
When the CFM includes Variable consideration as part of the
transaction price, they must determine
___________________________,
___________________________. ...... ANSWER ....... it
is probable a significant reversal of the amount of
cumulative revenue will not occur
Under ASC 606-10-32-21 through 32-24 the CFM should
measure the non-cash consideration ___________. ......
ANSWER ....... At Fair Value
The CFM should recognize revenue ________________ the
entity satisfies a performance obligation by transferring a
promised good or service to a customer. ...... ANSWER
....... when or as
The two methods the CFM can use to implement ASC 606 in
the financial statements are __________ and
______________. ...... ANSWER ....... the full
retrospective transition method,
and
, 4|Page
the modified retrospective transition method
The CFM may elect for the entity to apply ASC 606 and
related GAAP changes retrospectively either to all contracts
at the date of initial application or only to contracts not
complete at the initial application date under the
____________________ method. ...... ANSWER .......
Modified Retrospective
XYZ Company recently completed their monthly project
reviews. The Project Manager identified the following
information about ABC Project:
Contract amount: $560,000
Estimated total costs: $600,000
Costs incurred to date: $456,000
Previous month's revenue recognition: $352,000
Previous month's costs incurred: $258,000
What will this month's impact on net income for this
particular project? ...... ANSWER ....... -134,000
When is it appropriate to recognize income from change
order? ...... ANSWER ....... When the change order is
initiated
Which protocol will allow auto configuration across the
network of IP addresses? ...... ANSWER ....... Dynamic
Host Configuration Protocol
