All Matches
Solution Library
Expert Answer
Textbooks
Search Textbook questions, tutors and Books
Oops, something went wrong!
Change your search query and then try again
Toggle navigation
FREE Trial
S
Books
FREE
Tutors
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Ask a Question
Search
Search
Sign In
Register
study help
business
cost accounting
Questions and Answers of
Cost Accounting
What is life-cycle budgeting?
“The relevant costs for pricing decisions are full product costs.” Comment.
What is the goal of an OLS linear regression?
What two assumptions are frequently made when estimating a linear cost function?
Rehe Company sells its razors at $3 per unit. The company uses a first-in, first-out actual costing system. A fixed manufacturing cost rate is computed at the end of each year by dividing the actual
The variable manufacturing costs per unit of BigScreen Corporation are:REQUIRED1. Prepare income statements for BigScreen Corporation in January, February, and March of 2012 under throughput
BigScreen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March of 2013 are:REQUIRED1. Present income statements
Pumpkin Bags (PB) is a designer of high-quality backpacks and purses. Each design is made in small batches. Each spring, PB comes out with new designs for the backpack and for the purse. They use
The following partial information is available. Complete the table by filling in all the blanks. Each case is independent.
Describe the five-step decision-making process.
Why do you suppose bonding and banking companies want contractors to increase their total assets and increase owner’s equity?
Why would a contractor make a decision to own equipment either a) internally, b) through a separate equipment division, or conversely c) not own but rather rent from external sources?You may need
This very successful general contractor always had revenue greater than $200 million, and a fair profit margin, yet the officers of the company endeavored to keep their total equity valued
How would you resolve the mis-management of jobsite financial affairs as discussed in Examples One, Two, and/or Three?
Provide two additional examples of each: a) Short-term asset, b) Long-term asset, c) Current liability, d) Long-term liability.
Why should the PM ‘correct’ the estimate?
Define ‘best-value’ subcontractors.
Next to direct labor, what area of the estimate is difficult to estimate and therefore risky?
Looking back to the definition of a GC versus a CM in Chapter 3, what does the CM do to minimize the risk of direct cost over-runs?
What is an advantage of estimating with man-hours over unit prices for direct labor?
Explain the 80-20 rule as it relates to cost control.
When is forecasting option 5a appropriate for a single line item in the budget?
When is forecasting option 5b appropriate for a single line item in the budget?
Looking at the actual versus planned door, frame, and hardware work package in Figure 8.3, how did this system turn out with respect to cost and schedule? Project: System/Area: Work Days: Estimated
How might inaccurately cost-coded timesheets affect a construction firm’s ability to estimate accurately?
What is the difference between ‘manage’ and ‘control’ with respect to cost control?
Other than the items bulleted earlier, list another reason costs may be exceeding the estimate and an alternate solution for that problem.
What might be missing from the door, frame, and hardware work package assembly discussed earlier?
Prepare a work package list of items and considerations for either.a) Exercise room equipment installation,b) Site work signage and furnishings including fountains.
What would happen if your superintendent discovered you had given him or her an erroneously low budget or tight time frame and you as the PM knew you had more to work with?
Look ahead to the abbreviated finishes database in Table 16.1. Instead of four different jobs, assume that this was all on one project but the data reflects four different foremen. Prepare scenarios
A) Utilizing another case study project, prepare a work package for direct labor for a system of work such as concrete foundations, CIP concrete walls, tilt-up concrete walls, or SOG. Attach the
What is an EV analysis used for?
Figure 9.2 work package represents a more complicated scenario. What was the cost and schedule status as of days two, four, and six? Was the foreman ahead or behind schedule and by how much, and was
If a GC was on a cost-plus project, without a GMP, how would payment on an EV basis affect them if they were a) Under-running their estimate, b) Over-running their estimate?
If your project had estimated the foreman would spend 1,000 hours by June 1, but he or she had only spent 800 hours, is your team over budget or under budget or ahead of schedule or behind schedule?
When would a contractor not want to use an EV curve for payment basis?
Which of the nine options in Figure 9.1 would be considered by a contractor to be a) Most preferable, b) Least preferable, c) Completely neutral? Work Days: Estimated Hours/Day Cumulative Hours
9.What are the calculated CPI, CV, SPI, and SV for Figure 9.2 as of day eight and how does that compare to the results discussed in the narrative earlier? Work Days: Estimated Hours/Day Cumulative
In your opinion, what might have happened with the appliance work package in Figure 9.2? Why did the curve rise so quickly, flatten out, and then rise again? Work Days: Estimated Hours/Day Cumulative
List three different terms which mean home office GCs.
Does ABC apply to every contractor?
Does ABC apply to every construction project?
Which types of a) Contractors.b) Construction projects lend themselves best to ABC processes?
If HOOH is reduced, and fee is kept constant, what happens to profit?
Of the eight examples presented in this chapter, which a) already have benefited from ABC and/ or lean without necessarily identifying it as so, and/or b) could benefit from ABC applications?
Does the use of ABC require a facilitated workshop? When would this be most applicable and why?
Solve for HOOH from the revenue equation and its derivatives earlier, creating one long equation utilizing as many of the variables and cost elements as possible.
Review the expanded GCs template on the eResource. What additional items might be moved from jobsite general conditions to direct work activities?
This is not necessarily an ABC question, but what are some of the reasons a GC would choose to employ subcontractors versus performing the work with its own direct craftsmen?
Other than the examples listed here, provide three examples of a) Home office GCs costs, b) Jobsite GCs costs,c) Jobsite direct costs.
What is the difference between lean construction and ABC?
List three advantages of buying local materials.
What is the difference between a subcontractor and a supplier?
What is an advantage of having too much material on site versus not enough material?
If room is not available to store material on site, where can it be stored?
What happens if the doors, door frames, and door hardware package is bid higher than what was budgeted on a TVD project?
List three advantages of off-site prefabrication versus on-site casting for a system such as concrete beams.
Other than a hospital, list three project types which may be suited for lean construction processes.
Other than the examples listed earlier, what types of materials or material systems might be prefabricated off site?
Prepare an argument why it would be better to a) Only schedule your foreman for 90% of his or her capacity, and/or conversely.b) Schedule your foreman for 110% of his or her capacity.
Are there any of the eight examples included in this chapter that you disagree are lean construction related? It is okay to disagree, just prepare your argument or make a suggestion for how it could
Do you know of any other lean cost control techniques?
Prepare three VE ideas from your case study (hotel or other) and include them in a VE log.
How can a client keep the contractor from charging excessive rent or maintenance costs for a company-owned piece of equipment?
If a civil contractor which owned 30 pieces of major earthmoving equipment had to store all of that equipment during an economic downturn, how would that equipment be cost-coded?
If there are so many risks with owning equipment, why would a BOD of a commercial construction company set up a separate LLC and get into that business?
How do third-party equipment rental companies account for their equipment repair and maintenance?
Looking back to our Table 12.3 forklift depreciation example, assuming a 2019 purchase date, what is the book value of the equipment at the end of the third full year of ownership for each of the
What is the difference between book value and salvage value?
If a PM for a GC is provided with a company car, where is the rental of that car charged: a) on an open-book negotiated project, and/or b) on a closed-book lump sum bid project?
What are two uses this book has for the abbreviation ‘OE’?
Other than the uses mentioned earlier for the superintendent’s diary, what else might be included on that important project management tool?
Provide an example of at least one additional piece of equipment which could be added to each category of the equipment types listed in this chapter.
Provide two examples of why the jobsite team should rent equipment from an arm of the construction company and two why they should rent from outside sources.
If you were a PM, would you rather obtain your construction equipment from an outside third-party equipment supplier, rent from a separate construction equipment division of your employer, or use
How might you as a jobsite accountant legally get around the limitations the client places on your owned equipment charges in an open-book project? Is your answer ethical?
Prepare a spreadsheet for your CEO assuming you are a jobsite accountant or a PM comparing all of the different options for equipment ownership and operation and maintenance responsibilities. How are
Draw an organizational chart for a construction firm which rents a tower crane from a supplier, hires a moving firm to deliver it to the jobsite and return it to the supplier when complete, hires
On January 1 of 2017 your company purchased the following equipment. How much will you depreciate for the fiscal year ending in 2020 when you have your CPA file your tax return on April 15, 2021
How can a cash flow curve be used negatively by a client or bank towards a contractor?
Why is direct construction work performed with a contractor’s own work force considered riskier and therefore they expect a higher fee?
Why should PMs view cash flow curves as a ‘get-to’ and respond gladly when a client requests one be developed?
The cost loaded schedule is an intermediate step in developing a cash flow curve. What are two documents necessary to prepare the cost loaded schedule?
Should a cash flow curve always be a perfect bell-shape curve? Explain why or why not.
There are three different methods for how jobsite general conditions are factored into the cash flow projection and are ultimately invoiced. Name them.
How would the cash flow curve presented for Evergreen Construction Company change if: a. The project start date was delayed for one month, b. All of the site improvements were re-scheduled to be
What would happen to a PM who a) Operated in red for the first time on his or her construction project,b) Repeatedly operated in the red on all of his or her projects?
Is a GC-subcontractor ‘pay-when-paid’ contract clause ethical? Is it legal?
What would happen to a GC’s cash flow if it had been scheduled to receive its invoice from the client on the 30th of month two but did not receive it until the 30th of month three? What would
List one or more ethical and legal possibilities a contractor could use to improve its management of jobsite cash flow beyond those discussed here.
Prepare an argument for your client why you should receive a 10% down payment before you start any work on their project.
Assume a GC has the following expenses for month one of their project. Will they be in the red or black when they receive payment, less 10% retention but including a 5% fee, on the 10th of month two
Assume the same expenditures as Exercise Eight but now the client does not pay until the 30th of month two. Is the GC now in the red or black and by how much?Data in Exercise EightAssume a GC has the
Draw a cash flow chart for a fourth-tier supplier such as the mechanical subcontractor’s ductwork insulation subcontractor’s material supplier. You may need to draw a quick organization chart.
Why should all team members wait until completion of subcontractor buyout to finalize the SOV?
Is Evergreen’s GMP SOV as presented in the left hand side of Table 14,1 based upon the oldor new CSI divisions? Table 14.1 Schedule of values worksheet CSI Division 3 4 5 6 7 8 9 10 11-13 14 21 22
What type of data is required to be submitted to support a payment request on a lump sumcontract?
Why are interim lien releases requested by the GC from subcontractors?
Why are subcontractor lien releases requested by the client from the GC?
Showing 1 - 100
of 1110
1
2
3
4
5
6
7
8
9
10
11
12