CIOB QS Technician Practice Exam

The final account is the closing financial statement of a construction contract. It should bring together every sum that affects the contract price and set out what is finally payable or owed when the project finishes. This means the original contract price, any approved variations, the valuations of work completed to date, adjustments due to changes in price or scope, and the release of retentions. In essence, it reconciles all money matters and determines the final settlement. Architectural drawings and design iterations belong to design documentation and the project’s development phase, not the financial settlement. A list of environmental permits is a compliance record, not a financial calculation. A schedule of equipment warranties only relates to post‑completion guarantees, not the overall contract sum.