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Sample Questions from ICCIFP website

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ICCIFP Sample Questions

Question 1 of 2

1

Which of the following is an example of qualifying assets that warrant capitalization of interest?

Select one of the following:

  • Inventories manufactured on a repetitive basis

  • Assets acquired with gifts and grants

  • Investments accounted for using the equity method

  • Assets constructed and intended for sale or lease

Explanation

Question 2 of 2

1

A contractor is awarded a contract by a school district. The contract requires a guarantee that the contractor will perform the terms and conditions of the contract and that the project will be built according to the plans and specifications. Which type of bond will enable the contractor to provide the required guarantee?

Select one of the following:

  • Bid

  • Performance

  • Labor and material payment

  • Warranty

Explanation

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