Construction Acccounting- A Practioner’s Guide

Price: $92.50

CPE Credits: 10.0

Category:

Course Number: AACONSBB

construction accounting cpe

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. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Steven Bragg, CPA

Publication: February 2017

Format: PDF
Pages: 246

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

 

  • 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.

 

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. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Steven Bragg, CPA

Publication: February 2017

Format: PDF
Pages: 246

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

 

  • 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.

 

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  • “Excellent Regulatory Review Course. The self-study format (E-Book) provided an excellent overview of the regulatory requirements for California CPAs. I will be using the E-Book as  a reference material. Thank you for providing a very comprehensive yet affordable option for this required CPE.”

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