Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 1DQ
Define committed costs and provide two examples of committed costs?
Expert Solution & Answer
To determine
Describe committed costs along with a couple of examples.
Explanation of Solution
Committed Costs: The committed costs refer to the cost a company commits to pay in the future. It may be a pre-determined amount agreed upon by both parties.
Examples of committed costs are:
- Fix-price subcontracts
- Purchase orders having a pre-determined price.
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Chapter 4 Solutions
Construction Accounting And Financial Management (4th Edition)
Ch. 4 - Define committed costs and provide two examples of...Ch. 4 - Why is labor seldom a committed cost?Ch. 4 - Prob. 3DQCh. 4 - What are overbillings and how do they occur?Ch. 4 - Prob. 5DQCh. 4 - What are the six key principals of internal...Ch. 4 - What should you look for in a construction...Ch. 4 - Prob. 8PCh. 4 - Prob. 9PCh. 4 - Prob. 10P
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