By Steven Peterson
This publication takes basic company accounting and fiscal rules in addition to engineering economics and adapts them to the original features of the development undefined. It offers all the key monetary administration ideas wanted through development managers less than one hide, addressing how they're utilized within the building and the way they have interaction. This ebook teaches scholars the best way to account for the company’s monetary assets, easy methods to deal with the prices and earnings of a building corporation, the best way to deal with the company’s money flows, the way to overview assorted resources of investment a company’s money wishes, and the way to quantitatively learn monetary judgements.
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Sample text
Income Tax Income tax consists of income tax liabilities as well as deferred income taxes. Income tax consists of income taxes levied by the federal, state, and local governments. Some companies pay income taxes at the corporate level, whereas other companies pass their tax liability on to their shareholders. Deferred income tax occurs when a construction company uses a different accounting method for income tax purposes than they do for financial purposes. For example, a company may use the cash accounting method for income tax purposes because it allows the company to defer income tax, but uses the percentage-of-completion method for preparation of financial statements because it provides the most accurate financial picture of the company.
GROSS PROFIT: Gross profit equals the revenues less the construction costs and equipment costs. 36 CHAPTER 2 Overhead Overhead are those costs that cannot be charged to a specific construction project or be included in the equipment costs section of the income statement. Overhead is often referred to as general overhead, general and administrative expense, or indirect overhead. Because the term project overhead is often used to describe indirect costs, this book often uses the term general overhead in the place of overhead to avoid confusion.
Second, the accounting system must utilize the principle of management by exception. It can be easy for managers to get lost in the volumes of data generated by the accounting system. The accounting system should provide reports that allow management to quickly identify problem areas and address the problems. For example, as soon as bills are entered into the accounting system, management should get a report detailing all bills that exceed the amount of their purchase order or subcontract. Problems that are buried in volumes of accounting data are often never addressed because management seldom has time to pour through all of the data to find the problems or if they are found they are often found too late for management to address the problem.