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Construction Accounting & Financial Management, 2nd Edition by Steven Peterson

By Steven Peterson

This publication takes common enterprise accounting and monetary 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 means of development managers below one hide, addressing how they're utilized within the building and the way they have interaction. This publication teaches scholars easy methods to account for the company’s monetary assets, easy methods to deal with the prices and earnings of a building corporation, how you can deal with the company’s funds flows, tips on how to overview diverse assets of investment a company’s money wishes, and the way to quantitatively study monetary judgements.

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Additional resources for Construction Accounting & Financial Management, 2nd Edition

Example text

The accounting system should update and report costs, including committed costs and estimated cost at completion on a weekly CONSTRUCTION ACCOUNTING SYSTEMS 19 basis. Having timely, up-to-date costs for the project and the equipment is a must if management is going to manage costs and identify problems early. Second, the accounting system must utilize the principle of management by exception. It can be easy for managers to get lost in the volumes of data generated by the accounting system. The accounting system should provide reports that allow management to quickly identify problem areas and address the problems.

TOTAL LIABILITIES: Total liabilities represent the total of both current and longterm liabilities. Owner’s Equity Owner’s equity is the claim of the company’s owner or shareholders on the assets that remain after the liabilities are paid. Owner’s equity may also be referred to as net worth. Owner’s equity is recorded differently on the balance sheet for corporations, sole proprietors, and partnerships. For corporations the owner’s equity is commonly broken down into three categories: capital stock, retained earnings, and current period net income.

00 per hour. Equipment costs are often broken down into the following categories: rent and lease payments; depreciation; repairs and maintenance; fuel and lubrication; taxes, licenses, and insurance; and equipment costs charged to jobs. They may also be broken down in other ways. RENT AND LEASE PAYMENTS: Rent and lease payments include the rental fees and lease payments for the use of equipment not owned by the construction company. Equipment that is rented or leased for a specific job may be billed directly to the job as an equipment rented cost type rather than being processed through the equipment cost portion of the income statement and subsequently allocated.

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