Practical Accounting for General Contractors |
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Common terms and phrases
Accounts Payable Ledger Accounts Receivable Owners Accrued Contract Cost Accts amount Assets Balance As shown bank bidder bond Cash Record cent charges and credits classification columns Company complete construction contract and jobbing contract price contractor control accounts cost accounts cost and income cost to finish credit Accounts credit memos Cumulative Contract Ledger customers debit and credit December 31 deducted detail Earned Contract Sales Earned Sales Engineer Engineer's Unit Price entered equipment estimated cost extra orders Figure Analysis Book filed fiscal period fixed fee follows FORM furnish gross profit Insurance Inventory invoices Jobbing Cost Jobbing Sales journal entry labor and expense Ledger accounts liability lump sum contract month monthly Notes Receivable operation paid payment Payroll and Expense percentage performed plant Profit and Loss receipts red figures Register requisition Schedule sheet statement Store Room Orders sub-contractor symbol tion Treasury Stock Unearned vendors vouchers
Popular passages
Page 305 - If at any time there shall be evidence of any lien or claim for which, if established, the Owner or the said premises might become liable, and which is chargeable to the Contractor, the Owner shall have the right to retain out of any payment then due or thereafter to become due an amount sufficient to completely indemnify him against such lien or claim.
Page 306 - Architect within ten days of the announcement of such decision, then the matter shall be referred to a Board of Arbitration to consist of one person selected by the Owner . . , and one person selected by the Contractor.
Page 303 - It is understood and agreed by and between the parties hereto that the work included in this contract is to be done under the direction of the said Architect, and that decision as to the true construction and meaning of the drawings and specifications shall be final.
Page 314 - ... or refuse to follow his directions as to the mode of doing the work, or shall neglect or refuse to comply with any of the articles of this agreement, then the said party of the first part or his agent shall have the right and is hereby empowered to enter upon and take possession of the premises after giving two days...
Page 232 - A contract is an agreement enforceable at law made between two or more persons, by which rights are acquired by one or more to acts or forbearances on the part of the other or others.
Page 305 - IX. It is hereby mutually agreed between the parties hereto that the sum to be paid by the Owner to the Contractor for said work and materials shall be...
Page 305 - Art. VII. Should the Contractor be delayed in the prosecution or completion of the work by the act, neglect or default of the Owner , of the Architect , or of any other contractor employed by the Owner upon the work, or by any damage caused by fire or other casualty for which the Contractor...
Page 303 - Contractor not agree as to the amount to be paid or allowed, the work shall go on under the order required above, and in case of failure to agree, the determination of said amount shall be referred to arbitration, as provided for in Art. XII of this contract.
Page 306 - The Contractor and the Owner for themselves, their successors, executors, administrators and assigns hereby agree to the full performance of the covenants herein contained.
Page 228 - No bid shall be accepted from, or contract awarded to, any person who is in arrears to the city of New York upon debt or contract, or who is a defaulter, as surety or otherwise, upon any obligation to the city.