Accountants working in construction companies

People nominated to work as accountants in construction companies

This training program is aims to provide participants with the expertise and scientific skills necessary for the work of all accounting operations, restrictions and accounting organization and for the companies and operations of the contracting companies.

Accounting in contracting companies is of a very different nature and different from general accounting in any other field, which means that whatever your experience in accounting and when moving to a contracting company or in the field of construction in general, You will have to acquire the knowledge and experience necessary to succeed in accounting for construction companies in particular.

First: Important Financial Accounting Principles and Assumptions

Imposition of Legal pPersonality

Historical Cost Principle

Eligibility Principle

Revenue Recognition Principle

The Principle of Matching Revenue to Expenditure

Principle of Stability

The Principle of Relative Importance

The Principle of Caution

Second: The Basics of Cost Accounting

Definition of Cost ccounting

Areas of Use of Cost Accounting

Cost Accounting Objectives

Cost Elements Tab

Third: Costing System in Construction Companies (Construction)

The Cost of Materials

Periodic Inventory Inventory - Continuous Inventory Inventory - Transfer of material from one site to another - Loss or theft of material from the site - Selling of excess material on site (profit) - Existence of material remaining on site at the end of the financial year

The cost of subcontracting works

Subcontract payments - subcontractor abstracts and limitations - registration of insurance and taxes for subcontractor

The cost of wages

Other indirect costs

Fourth: Recognition of Revenues in Construction Companies

Revenue Recording

General Contractor Abstracts and their limitations

Transactions between the client and the contracting company

Methods of calculating the percentage of achievement and practical cases according to the standard

Work in progress

View the list of exploitation of contracts and contracts (income statement)

Dealing with realized profits or losses (Are the realized profits in the income statement fully distributed?)

Fifth: Accounts Opened By the General Contractor

Calculate project costs

Customer account

Calculate payments from customers

Customer Guarantee Account is reserved