a project on. the types of accounts releted to goods
Answers
Project accounting therefore includes:
A separate accounting system or cost centre to track and report project specific transactions, with project revenues, costs, assets and liabilities identified and allocated to the project.
Frequent reporting, with the frequency often increasing as the project approaches completion.
A layer of simplified reporting, including key performance indicators relevant to whether the project is on or off track. For instance traffic lights on a dashboard.
A process for identifying project related transactions in the main accounting system and allocating or apportioning these to the project accounting system.
Forecasting of costs to complete the project. Key stakeholders are often not only focused on the costs incurred to date, but also those committed and the expected final cost.[2]
Projects differ to the day-to-day business-as-usual (BAU) activities in that they frequently cross organisational boundaries, may last for anything from a few days or weeks to a number of years, during which time budgets may also be revised many times. They may also be one of a number of projects that make up a larger overall project or program.[4]
Consequently, in a project management environment costs (both direct and overhead) and revenues are also allocated to projects, which may be subdivided into a work breakdown structure, and grouped together into project hierarchies. Project accounting permits reporting at any such level that has been defined, and often allows comparison with historical as well as current budgets.[5]
Project accounting is commonly used by government contractors, where the ability to account for costs by contract (and sometimes contract line item, or CLIN) is usually a requirement for interim payments
No it is related to
Financial Accounting
Cost Accounting
Management Accounting
And other forms of Accounting
Above three are main types of Accounting