By Steven Peterson
This ebook takes basic company accounting and fiscal rules in addition to engineering economics and adapts them to the original features of the development undefined. It offers the entire key monetary administration ideas wanted by way of building managers lower than one disguise, addressing how they're utilized within the development and the way they have interaction. This booklet teaches scholars how one can account for the company’s monetary assets, how one can deal with the prices and earnings of a building corporation, the best way to deal with the company’s funds flows, tips on how to review varied assets of investment a company’s funds wishes, and the way to quantitatively examine monetary judgements.
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Additional resources for Construction Accounting & Financial Management, 2nd Edition
Procedures ensure that the accounting is handled in a consistent manner and give management confidence in the data that it is using to manage the company. Finally, the data must be easily and quickly available to management and other employees who are directly responsible for controlling costs. It does little good to collect cost data for use in controlling costs if the data cannot be accessed. Where possible the reports should be automatically prepared by the accounting software. This eliminates the time and effort needed to prepare the reports manually.
Not all companies will use all the accounts shown in Figure 2-1. For example, the construction company in Figure 2-2 does not use the inventory account. On the balance sheet the relationship between assets, liabilities, and equity is as follows: Asset ϭ Liabilities ϩ Equity (2-1) Assets Assets are those resources held by the company that will probably lead to some future cash inflows. For example, a piece of property is an asset because it could be sold to produce a cash inflow. A pallet of custom framing brackets left over from a job would not be considered an asset unless there was a reasonable chance that the brackets could be used on a future job for which the company would be paid to build.
Additionally, the cost recorded to the job cost ledger, become part of company’s historical records. These historical records are used to prepare estimates and bids, which are the basis for the budgets used in the job cost ledger. This cost information cycle is depicted in Figure 2-4. Although construction costs are recoded in the general ledger, the general ledger lacks the necessary details to meet these two needs. These needs are met through the job cost ledger. The job cost ledger tracks the costs for each project as well as individual components within each of the projects.