US Bureau of Labor Statistics show that as of January 2020, there were $7.59M people working in the construction industry. In addition, data from the Association of General Contractors of America shows that the construction industry has more than 600,000 employers in the US and creates nearly $1.3 trillion worth of structures each year.
With the continued resurgence of this industry, understanding how to do the accounting for these companies will be an invaluable skill. Therefore, this course will introduce the basic concepts surrounding construction accounting needed to do just that. We’ll cover a variety of topics aimed at familiarizing you with how to properly understand construction accounting.
Through the definition of useful terms and using relevant examples, we examine everything from paying subcontractors and billing clients to recognizing revenue and understanding project profitability.
Course Key Concepts: Construction Accounting, Project Accounting, Subcontractor, Prime Contractor, Work in Process.
Learning Objectives
- Discover Construction Accounting.
- Explore Project Costs.
- Recognize Revenue Recognition for Construction Companies.
- Explore Typical Contract Types Used in Construction.
- Identify the Billing Process.
- Discover how to Delve into ASC 606 – Revenue from Contracts with Customers.
- Identify How to Measure Completion and Calculate Revenue Earned based on Completion.
- Explore the Basics of Contract Assets and Contract Liabilities.
- Identify the Components Impacting Project Profitability.
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Prerequisites
No advanced preparation or prerequisites are required for this course.