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What is project accounting?
Project accounting is the accurate tracking of costs incurred through the lifespan of a project. Such costs may include materials, labor, and capital equipment. For example, project accounting during a construction project might involve tracking the cost of all building materials, employee wages, and permit costs.
It is important to track the amount of money spent over time because it may help a project owner allocate resources across different projects. To manage a project effectively, especially one with multiple phases, it's helpful to understand how much a business spends on each phase.
This can allow managers to plan and identify the resources needed for each phase and other related tasks and processes that need to occur before moving on to another stage of development. Some principles of project accounting include:
Cost principle
Matching principle
Consolidation principle
Full disclosure principle
Prudence principle
Liability principle
Control principle
Resource allocation principle
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