There are no prerequisites.

Course Description

Project Accounting describes the role of the accountant in designing a cost collection system for a project, charging expenses to it, and measuring the amount of revenue to be recognized. Accounting expert Steven M. Bragg also addresses the management of change orders, allowances, and contingencies, while noting the impact of GAAP requirements on specific project issues, including interest capitalization and the treatment of research and development costs. The controls and measurements used for projects are also discussed, giving you a complete picture of the entire process of accounting for projects.


Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).

Course Specifics

Nov 30, 2017
There are no prerequisites.

Compliance Information

Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the key characteristics of a project.

Chapter 2

  • Note the pricing calculation methods for project contracts, as well as the issues associated with the different profit recognition methods.

Chapter 3

  • Recognize the different types of direct costs associated with a project, as well as the costs incurred to obtain a contract.

Chapter 4

  • Note the circumstances under which allowances are included in a project budget.

Chapter 5

  • Recognize the circumstances under which interest is capitalized.

Chapter 6

  • Identify the circumstances under which the costs associated with internal-use software development and website development should be capitalized or charged to expense.

Chapter 7

  • Note the controls related to the assignment of costs and the calculation of the percentage of completion.

Chapter 8

  • Identify the contents of the formulas associated with the analysis of projects.

Table of Contents

Chapter 1 – Overview of Project Accounting

Learning Objectives


The Project

The Project Accountant


Chapter 1 – Review Questions

Chapter 2 – Project Pricing, Billing and Revenue

Learning Objectives


Project Pricing Methodologies

Cost Plus Pricing

Fixed Fee Pricing

Contractual Modifiers

Progress Billings

Project Revenue Recognition

Output Methods

Input Methods

Change in Estimate

Progress Measurement

Percentage of Completion Method

Completed Contract Method

Contract Modifications

Treatment as Separate Contract

Treatment as Continuing Contract

Entitlement to Payment

Measurement of Progress Completion


Chapter 2 – Review Questions

Chapter 3 – Project Costs

Learning Objectives


Project Costs

Direct Costs

Overhead Costs

Capitalized Interest

Costs to Obtain a Contract

Information Organization and Presentation

Information Recordation

Separate Spreadsheet

Separate General Ledger / Subledger Accounts

Separate Accounting Module

Information Collection


Chapter 3 – Review Questions

Chapter 4 – Project Cost Management

Learning Objectives


Progress Monitoring

Cost Variance Reporting

Change Order Management

Allowance Management

Contingency Management

Budget Accuracy

The Sunk Cost Consideration


Chapter 4 – Review Questions

Chapter 5 – Interest Capitalization

Learning Objectives


Overview of Capitalized Interest

When to Capitalize Interest

The Interest Capitalization Period

The Capitalization Rate

Calculating Interest Capitalization


Chapter 5 – Review Questions

Chapter 6 – Additional Project Accounting Topics

Learning Objectives


Asset Impairment

Research and Development Costs

Internal-Use Software

Website Development Costs


Chapter 6 – Review Questions

Chapter 7 – Project Controls

Learning Objectives


Controls for Cost Plus Pricing Arrangements

Controls for Fixed Fee Pricing Arrangements

Controls for Internal Projects


Chapter 7 – Review Questions

Chapter 8 – Project Measurements

Learning Objectives


Cost Variance

Net Present Value

Breakeven Analysis

Return on Assets

Free Cash Flow


Chapter 8 – Review Questions

Review Question Answers and Rationales



Qualified Assessment

Answer Sheet

Course Evaluation


Choose Your Preferred Format

Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy

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