Included in your package are the following forms:
1. A Painting Contract - Cost Plus or Fixed Fee
2. A Construction Project Information Sheet
3. A Change Order Sheet
4. A Certificate of Completion
5. A Weekly Equipment Summary
6. A Final Project Punch List
7. A Worker Safety and Health Plan
8. An Accident Report Form
9. A Customer Satisfaction Survey and
10. A Company Evaluation by Customer.
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A: Accounting methods used in construction accounting include cash basis, accrual basis, the completed contract method (CCM) and the percentage of completion method (PCM).
Elements of a Construction ContractName of contractor and contact information.Name of homeowner and contact information.Describe property in legal terms.List attachments to the contract.The cost.Failure of homeowner to obtain financing.Description of the work and the completion date.Right to stop the project.More items...
Expensing a construction cost is simply recording the purchase as an expense on the income, or, profit-and-loss (P&L) statement. Let's look at an example under a traditional double-entry accounting system: Build-It Construction Co. is invoiced for a $500 equipment rental.
There are two generally accepted accounting methods used to account for construction contracts; the percentage of completion method (PC) and the completed contract method (CC).
Construction accounting is a form of project accounting in which costs are assigned to specific contracts. A separate job is set up in the accounting system for each construction project, and costs are assigned to the project by coding costs to the unique job number as the costs are incurred.
