Project Accounting (Currently Unavailable)

Author: Steven Bragg

CPE Credit:  3 hours for CPAs

Project Accounting describes the role of the accountant in designing a cost collection system for a project, charging expenses to it, and measuring the amount of revenue to be recognized.

The course also addresses the management of change orders, allowances, and contingencies, while noting the impact of GAAP requirements on specific project issues, including interest capitalization and the treatment of research and development costs. The controls and measurements used for projects are also discussed.

Publication Date: December 2014

Designed For
Any accounting practitioners

Topics Covered

  • Progress Billing
  • Revenue Recognition
  • Cost Variance Reporting
  • Change Order Management
  • Research and Development Costs
  • Controls and measurements that can be applied to a project

Learning Objectives

  • Identify the key characteristics of a project.
  • Note the pricing calculation methods for project contracts, as well as the issues associated with the different profit recognition methods.
  • Recognize the different types of direct costs associated with a project, as well as the costs incurred to obtain a contract.
  • Note the circumstances under which allowances are included in a project budget.
  • Recognize the circumstances under which interest is capitalized.
  • Identify the circumstances under which the costs associated with internal-use software development and website development should be capitalized or charged to expense.
  • Note the controls related to the assignment of costs and the calculation of the percentage of completion.
  • Identify the contents of the formulas associated with the analysis of projects.

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Accounting (3 hours)

Program Prerequisites
None

Advance Preparation
None

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