CONSTRUCTION

ACCOUNTING

Common Construction Industry Specific Accounting Issues

THE JOB COST LEDGER

Construction accounting systems are typically organized into projects or “jobs” at the most detailed level and supported by what is known as a job cost ledger. This is essentially a detailed breakout of all costs that make up a construction project.

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INDIRECT COST ALLOCATION

While costs in the job cost ledger are known as direct costs because they wouldn’t exist without their associated project, construction businesses also incur many indirect expenses that are necessary in order to carry out operations.

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METHODS FOR RECOGNIZING
REVENUES AND COSTS

The percentage of completion and the completed contract method are two primary accounting methodologies used by construction businesses to recognize when revenues and costs will show up on the income statement.

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