Ad
related to: accounting for shipping and handling costs chart for construction projects- Why Choose Deltek?
Leader in the 2021 Value-Matrix.
#1 Choice for project-centric ERP.
- Request a Free Demo
Are you looking for a powerful
project-based accounting system?
- For Construction Firms
Solve the everyday problems unique
to the Construction industry.
- Read ComputerEase's Blog
Get tips and best practices
from product experts.
- Why Choose Deltek?
Search results
Results From The WOW.Com Content Network
Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, allocating, aggregating and reporting such costs and comparing them with ...
In construction, the costs of materials, labor, equipment, etc., and all directly involved efforts or expenses for the cost object are direct costs. In manufacturing or other non-construction industries the portion of operating costs that is directly assignable to a specific product or process is a direct cost. [1]
Construction accounting is a form of project accounting applied to construction projects. See also production accounting. Construction accounting is a vitally necessary form of accounting, especially when multiple contracts come into play. The construction field uses many terms not used in other forms of accounting, such as "draw" and progress ...
Completed-contract method. The Completed-contract method is an accounting method of work-in-progress evaluation, for recording long-term contracts. GAAP allows another method of revenue recognition for long-term construction contracts, the percentage-of-completion method. With this method, revenue is recognized when the contract is fulfilled.
The accounting for long term contracts using the percentage of completion method is an exception to the basic realization principle. This method is used wherein the revenues are determined based on the costs incurred so far. The percentage of completion method is used when: Collections are assured; The accounting system can: Estimate profitability
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
Integrated project delivery. Integrated project delivery ( IPD) is a construction project delivery method that seeks the efficiency and involvement of all participants (people, systems, business structures and practices) through all phases of design, fabrication, and construction. [1] IPD combines ideas from integrated practice [2] and lean ...
Accounting. Cost of goods sold ( COGS) is the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost. Costs include all costs of purchase, costs of conversion and other costs that are ...
Ad
related to: accounting for shipping and handling costs chart for construction projects