0 1 2 Income statement includes budget amounts for revenue, cost of construction, and gross profit.
0 1 2 Income statement includes budget amounts for all operating expense categories.
0 1 2 Income statement includes totals by expense categories (i.e. indirect, sales and marketing, financing, and general and administrative).
0 1 2 Income statement review includes discussion and understanding of variances between actual and budget results. (In reviewing your variances you need to ask yourself two questions: What caused the variance? What can I do about it?)
0 1 2 Revenue is reported using the percentage-of-completion method of accounting for all pre-sold homes.
0 1 2 Summary job cost report including revenue earned, cost of construction, and gross profit support the month-to-date and year-to-date totals shown on the income statement.
0 1 2 Balance sheet is prepared and reviewed by management monthly.
0 1 2 Balance sheet is reviewed within 20 days after the end of the previous month.
0 1 2 Balance sheet includes a comparison of current month to prior month balances along with a column computing the change in balance.
0 1 2 Review of balance sheet includes an understanding of the reasons behind the change in each account balance.
