Ch. 20 Perform Job Costing Activities

Question 1

Why is it important to gather actual job costs during the course of a job?

Answer 1

To further improve future estimates and gather a good understanding if the project is on track to match the current estimate.

Question 2

What are some other project documents that are relevent to assessing the amount of work and costs incurred in a project?

Answer 2

Labor timesheets, and Invoices from Subcontractors.

Question 3

What is it called when you define a series of partial payments based on completing specific portions of work?

Answer 3

Interim Payments

Question 4

Why are interim payments beneficial?

Answer 4

It ensures that the AV company continues to receive revenue throughout the project.