The North Carolina Contractor's Job Progress Sheet is a document used by contractors in the state of North Carolina to track and monitor the progress of their construction projects. It serves as a comprehensive record of activities, expenses, and milestones achieved throughout the duration of the project. The sheet includes various sections and categories to ensure proper documentation and organization of all pertinent information. The primary purpose of the Job Progress Sheet is to enable contractors to accurately report on the status of their projects to clients, subcontractors, and relevant stakeholders. It enables efficient communication, reduces the potential for misunderstandings, and ensures transparency and accountability in construction projects. The Job Progress Sheet typically consists of the following sections: 1. Project Details: This section includes essential information such as project name, address, owner/client details, contractor details, and project start and end dates. It serves as a reference for identifying the specific project being tracked. 2. Work Breakdown Structure (WBS): The WBS section breaks down the project into individual tasks or work packages. It provides a hierarchical structure that shows how different elements of the project contribute to its completion. Each work package is assigned a unique identifier and description. 3. Schedule: This section outlines the project timeline, highlighting the start and end dates of each work package. It allows contractors to assess project progress against the planned schedule and identify any delays or deviations. 4. Cost Breakdown: The cost breakdown section captures the estimated and actual costs associated with each work package. It includes direct costs (labor, materials, equipment) and indirect costs (overheads, permits, inspections). By comparing estimated and actual costs, contractors can assess project profitability and identify potential cost overruns. 5. Progress Tracking: Contractors use this section to record the completion status of each work package. They may use percentage completion, milestones, or other quantifiable metrics to indicate the progress achieved. This information is crucial for tracking project performance and identifying areas where additional resources may be required. In addition to the standard Job Progress Sheet, there may be variations or specialized sheets depending on the nature of the construction project. For example, there might be separate Job Progress Sheets for residential construction, commercial construction, renovation projects, or other specific types of projects. The purpose of these specialized sheets is to capture project-specific information and requirements accurately. Overall, the North Carolina Contractor's Job Progress Sheet is a comprehensive tool that aids contractors in monitoring, reporting, and managing the progress of their construction projects. It serves as a crucial document for effective communication, accountability, and successful project completion.
North Carolina Contractor's Job Progress Sheet
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The WIP is calculated by multiplying the percent completed costs by the contract amount. After that number is calculated, it is then compared to the amount the contractor has billed thus far. For example, a contractor has a job worth $250,000 with an estimated budget of $200,000.
Approved applicants must pass a qualifying examination for licensure with a minimum score of 70%. Approved candidates may take computer examinations administered at any PSI Examination Service Center. 90 questions, 3 hours and 20 minutes, partial open book, 63 correct (70%) to pass.
If an application is submitted with a completed exam, the licensing process takes about 30 days. If an exam is required, it will depend on when exams are successfully completed. It takes about 2 to 3 weeks after exams are completed before a license to be granted.
This examination is OPEN BOOK.
Books Allowed in the NC Contractor's License Exam:Occupational Safety and Health Standards (OSHA 1926) for the Construction Industry.North Carolina General, Contractors Guide to Business, Law and Project Management, 8th.North Carolina Residential Code, (One and Two Family Dwelling) 2018.More items...
When the asset is placed into service, the account Construction Work-in-Progress will be credited for its balance (the accumulated costs) and will be recorded with a debit in the appropriate property, plant and equipment account. Depreciation will begin after the asset is put into service.
Accounting for Work in Progress on Financial Statements The general ledger account used to track work in progress is the work in progress inventory account. All costs associated with the work in progress inventory is taken into account, including raw materials cost, direct labor costs, and factory overhead costs.
It is a common misconception that since the builder exam is open book, it is not difficult to pass. In actuality the North Carolina construction license exam is more difficult to pass than similar closed book exams due to the fact that you have books available as a resource during the contractor exam.
What is Construction Work in Progress?Percentage of Work Completed = Actual Costs till Date / Total Estimated Costs.Earned Revenue till Date = Percentage of Work Completed Total Estimated Revenue.Over/Under Billed Revenue = Total Billings on Contract Earned Revenue till Date.
A work in progress (WIP) schedule is an important tool for companies in the construction industry to monitor an individual project's overall progress and profitability.
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