Project Accounting

3 Credits: Accounting


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Project Accounting

Course Level
CPE Credits

3 Credits: Accounting

Course Description

Accounting for major projects can be a labyrinthine task, fraught with complex issues that challenge even the most experienced accountants. The Project Accounting course provides a comprehensive solution to these challenges. It offers detailed guidance on creating an optimal cost collection system and accurately recording expenses and revenues within this framework. The course meticulously addresses the management of change orders, allowances, and contingencies, and clarifies the implications of GAAP requirements on critical project issues like interest capitalization and research and development costs. Additionally, it delves into the essential controls and measurements used in project accounting. This course is designed not only to provide clarity and direction in the intricate process of project accounting but also to equip participants with the skills and knowledge to handle these tasks confidently, ensuring precise and GAAP-compliant financial reporting for major projects.

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Learning Objectives

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

Chapter 1

  • Identify the key characteristics of a project.

Chapter 2

  • Specify 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.
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Course Specifics

Course ID
Revision Date
December 6, 2023

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. 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 …