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Course Details

Construction Accounting - A Practitioners Guide (Course Id 1222)

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Author : Steven Bragg, CPA
Status : Production
CPE Credits : 10.0
IRS Credits : 0
Price : $99.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 1222

Description :

This course addresses every aspect of the accounting for a construction business. The intent is to not only explain accounting concepts, but also provide examples and show how an accounting system can be constructed and operated. The course pays particular attention to unique aspects of construction accounting that are not encountered in other industries, including the job cost ledger, change orders, back charges, percentage of completion calculations, and the treatment of anticipated losses on contracts.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study.
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 19-May-2017
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1222

Keywords : Accounting, Construction, Accounting, Practitioners, Guide, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Recognize the types of bonds that a contractor may be required to post.
  • Cite the different types of clauses that may be added to a construction contract.
  • Note the various causes of contract claims.
  • Note the types of financial difficulties to which the construction industry is subjected.
  • Identify the different types of ledgers used by a construction company.
  • Note the components of a work breakdown structure.
  • Recognize the types of accounts most likely to be designated as control accounts by a contractor.
  • Recognize the different methods used to calculate the percentage of completion.
  • Identify the situations in which the completed contract method should be used.
  • Describe the circumstances under which the recovery of funds from a change order is probable.
  • Note the proper accounting for pre-contract costs.
  • Describe the normal account balances for the various account types.
  • Recognize when the straight-line rent concept should be applied.
  • Recognize the uses to which the accounting equation is put.
  • Identify the linkage between the balance sheet and the income statement.
  • Identify the impact of a long operating cycle.
  • Cite the circumstances under which the useful life concept is employed.
  • Note the significance of the mid-month convention.
  • Identify the depreciation calculations for all depreciation methods.
  • Recognize the accounting for the disposition of a fixed asset.
  • Note the methods available for giving meaning to a supplier identification number.
  • Recognize the purpose of the different copies of the Form 1099-MISC.
  • Note the purpose of the more important boxes listed on the Form 1099-MISC.
  • Recognize the reasons for loan balance differences in the records of the lender and borrower.
  • Cite the rule used for determining the amount of a loss contingency accrual.
  • Note the proper disclosure for the different types of contingent losses.
  • Note the uses for the lessee of a lease arrangement.
  • Recognize the lease rules related to short-term lease arrangements.
  • Describe the usage of the Form W-4.
  • Identify the calculation used for the hourly rate plan.
  • Note how the wage bracket method is used.
  • Recognize the payment schedules for the different types of tax deposits.
  • Identify the tax calculation for the FUTA tax.
  • Recognize how the equity method is calculated.
  • Note the IRS designation for a multi-year contract.
  • Recognize the circumstances under which the IRS allows the cash method to be used.
  • Define the circumstances under which the IRS allows a business to be classified as a small contractor.
  • Identify the situations in which a change log can be most profitably used.
  • Recognize the controls that apply to fixed fee and cost plus contracts.
  • Cite the components of earned value management.
  • Describe the calculation of the cost performance index.
  • Note the advantages and disadvantages of the various types of organizational structures, as well as the requirements for the formation of each one.

Chapter 1
Overview of the Construction Industry

  • Recognize the types of bonds that a contractor may be required to post.
  • Cite the different types of clauses that may be added to a construction contract.
  • Note the various causes of contract claims.
  • Note the types of financial difficulties to which the construction industry is subjected.

    Chapter 2
    The Construction Accounting System

  • Identify the different types of ledgers used by a construction company.
  • Note the components of a work breakdown structure.
  • Recognize the types of accounts most likely to be designated as control accounts by a contractor.

    Chapter 3
    Construction-Specific Accounting

  • Recognize the different methods used to calculate the percentage of completion.
  • Identify the situations in which the completed contract method should be used.
  • Describe the circumstances under which the recovery of funds from a change order is probable.
  • Note the proper accounting for pre-contract costs.

    Chapter 4
    Construction Transactions

  • Describe the normal account balances for the various account types.
  • Recognize when the straight-line rent concept should be applied.

    Chapter 5
    Construction Financial Statements

  • Recognize the uses to which the accounting equation is put.
  • Identify the linkage between the balance sheet and the income statement.
  • Identify the impact of a long operating cycle.

    Chapter 6
    Fixed Asset Accounting

  • Cite the circumstances under which the useful life concept is employed.
  • Note the significance of the mid-month convention.
  • Identify the depreciation calculations for all depreciation methods.
  • Recognize the accounting for the disposition of a fixed asset.

    Chapter 7
    Payables Accounting

  • Note the methods available for giving meaning to a supplier identification number.
  • Recognize the purpose of the different copies of the Form 1099-MISC.
  • Note the purpose of the more important boxes listed on the Form 1099-MISC.

    Chapter 8
    Debt Accounting

  • Recognize the reasons for loan balance differences in the records of the lender and borrower.

    Chapter 9
    Contingencies

  • Cite the rule used for determining the amount of a loss contingency accrual.
  • Note the proper disclosure for the different types of contingent losses.

    Chapter 10
    Lease Accounting

  • Note the uses for the lessee of a lease arrangement.
  • Recognize the lease rules related to short-term lease arrangements.

    Chapter 11
    Payroll Accounting

  • Describe the usage of the Form W-4.
  • Identify the calculation used for the hourly rate plan.
  • Note how the wage bracket method is used.
  • Recognize the payment schedules for the different types of tax deposits.
  • Identify the tax calculation for the FUTA tax.

    Chapter 12
    Investments in Construction Joint Ventures

  • Recognize how the equity method is calculated.

    Chapter 13
    Construction Tax Issues

  • Note the IRS designation for a multi-year contract.
  • Recognize the circumstances under which the IRS allows the cash method to be used.
  • Define the circumstances under which the IRS allows a business to be classified as a small contractor.

    Chapter 14
    Construction Accounting Controls

  • Identify the situations in which a change log can be most profitably used.
  • Recognize the controls that apply to fixed fee and cost plus contracts.

    Chapter 15
    Job Analysis

  • Cite the components of earned value management.
  • Describe the calculation of the cost performance index.

    Chapter 16
    Business Structures

  • Note the advantages and disadvantages of the various types of organizational structures, as well as the requirements for the formation of each one.
  • Course Contents :

    Chapter 1 - Overview of the Construction Industry

    Nature of the Construction Contractor

    Bonding Requirements

    The Bidding and Construction Process

    Types of Construction Contracts

    Fixed Fee Pricing

    Cost Plus Pricing

    Unit-Price Contract

    Construction Contract Modifiers

    Contract Changes

    Construction Industry Failure Issues

    Review Questions

    Chapter 2 - The Construction Accounting System

    Nature of a Construction Accounting System

    The Chart of Accounts

    The General Ledger

    The Work Breakdown Structure

    The Job Cost Ledger

    Job Cost Ledger Posting

    The Equipment Ledger

    Review Questions

    Chapter 3 - Construction-Specific Accounting

    Accounting Standard-Setting Organizations

    Types of Accounting Methodologies

    Cash Method of Accounting

    Accrual Method of Accounting

    Percentage of Completion Method

    Completed Contract Method

    Summary of Accounting Methodologies

    Unpriced Change Orders

    Contract Claims

    Contract Back Charges

    Costs Assigned to Jobs

    Labor Burden

    Equipment Cost Allocation

    Review Questions


    Chapter 4 - Construction Transactions

    Double Entry Accounting

    Journal Entries

    General Entries

    Office Rent Expense

    Other General Expenses

    Inventory Purchases

    Supplier Invoice Payments

    Client Cash Receipts

    Loan Acquisition

    Loan Payments

    Sale of Stock

    Entries Related to the Percentage of Completion

    Anticipated Losses on Contracts

    Job Costing Entries

    Invoice Charged to a Job

    Labor Charged to a Job

    Inventory Charged to a Job

    Client Billings

    Equipment Entries

    Equipment Rentals

    Equipment Repairs

    Equipment Charged to a Job

    Review Questions

    Chapter 5 - Construction Financial Statements

    The Balance Sheet

    The Income Statement

    The Statement of Cash Flows

    Financial Statement Disclosures

    Reporting Options

    Review Questions

    Chapter 6 - Fixed Asset Accounting

    What are Fixed Assets?

    Fixed Asset Classifications

    Accounting for Fixed Assets

    The Capitalization Limit

    The Base Unit

    The Initial Measurement of a Fixed Asset

    The Purpose of Depreciation

    Depreciation Concepts

    Accelerated Depreciation

    Sum-of-the-Years Digits Method

    Double-Declining Balance Method

    Straight-Line Method

    Units of Activity Method

    MACRS Depreciation

    The Depreciation of Land

    The Depreciation of Land Improvements

    Depreciation Accounting Entries

    Accumulated Depreciation

    Asset Derecognition

    Abandoned Assets

    Asset Disposal Accounting

    Review Questions

    Chapter 7 - Payables Accounting

    Accounting for Accounts Payable

    Early Payment Discounts

    The Vendor Master File

    Vendor Master File Usage

    Supplier Naming Conventions

    The Payables Filing System

    Government Reporting

    The Form 1099-MISC

    Treatment of Incorrect Filings

    The Form W-9

    Review Questions

    Chapter 8 - Debt Accounting

    Basic Debt Accounting

    The Amortization Schedule

    Reconciling the Debt Account

    Participating Mortgage Loans

    Review Questions 

    Chapter 9 - Contingencies

    Loss Contingencies

    Gain Contingencies

    Contingency Disclosures

    Review Questions

    Chapter 10 - Lease Accounting

    The Nature of a Lease

    Lease Types

    Initial Measurement

    Short-Term Leases

    Finance Leases

    Operating Leases

    Derecognition

    Review Questions

    Chapter 11 - Payroll Accounting

    Employee Time Tracking

    Gross Pay Calculations

    Hourly Rate Plan

    Overtime

    Types of Payroll Taxes

    Social Security Tax

    Medicare Tax

    Unemployment Taxes

    Income Tax Withholdings

    Benefits and Other Deductions

    Net Pay

    Remitting Payroll Taxes

    Types of Tax Deposit Schedules

    Monthly Deposit Schedule

    Semiweekly Deposit Schedule

    Federal Unemployment Deposit Schedule

    Remittance Method

    The Form 941 Quarterly Federal Tax Return

    State Tax Remittances

    Payments to Employees

    The Payroll Register

    Form W-2

    Payroll Journal Entries

    Types of Payroll Journal Entries

    Primary Payroll Journal Entry

    Accrued Wages

    Manual Paycheck Entry

    Employee Advances

    Accrued Vacation Pay

    Tax Deposits

    Review Questions

    Chapter 12 - Investments in Construction Joint Ventures

    The Equity Method

    The Cost Method

    Consolidations

    Sales to a Joint Venture

    Review Questions

    Chapter 13 - Construction Tax Issues

    The Accounting Method to Use for Tax Reporting

    Application of the Cash Method

    Application of the Accrual Method

    Types of Costs

    Types of Accrual Methods

    Accrual Method

    Percentage of Completion Method

    Exempt Percentage of Completion Method

    Completed Contract Method

    Review Questions

    Chapter 14 - Construction Accounting Controls

    Segregation of Duties

    Asset Tracking

    Access to Data

    Controls for Estimates and Bids

    Controls for Cost Plus Pricing Arrangements

    Controls for Fixed Fee Pricing Arrangements

    Subcontractor Controls

    Materials Controls

    Labor Controls

    Equipment Controls

    Job Closure Controls

    Percentage of Completion Controls

    Change Order Controls

    Billing Controls

    Budget Controls

    Financing Controls

    General and Administrative Controls

    Construction Fraud

    Review Questions

    Chapter 15 - Job Analysis

    Projected Cost and Variance Analysis

    Adjusting for the Timing of Billings

    Earned Value Management

    Schedule Performance Index

    Cost Performance Index

    Review Questions

    Chapter 16 - Business Structures

    Sole Proprietorship

    Partnership

    Corporation

    C Corporation

    S Corporation

    Limited Liability Company

    Review Questions

    Glossary

    Accounting Course 1222 Home: https://www.cpethink.com/accounting-cpa-courses
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