CCOG for BCT 207 Winter 2022
- Course Number:
- BCT 207
- Course Title:
- Construction Accounting
- Credit Hours:
- Lecture Hours:
- Lecture/Lab Hours:
- Lab Hours:
Intended Outcomes for the course
Upon completion of the course students should be able to:
- Explain the conceptual foundation of accounting for a construction business.
- Demonstrate a basic understanding of the steps in the accounting cycle.
- Apply knowledge of accounting procedures to financial record-keeping requirements of a construction business, including internal controls, and inventory management.
- Demonstrate a basic understanding of payroll requirements including: federal and state reporting, Davis-Bacon Act, prevailing wage, and certified payroll.
- Demonstrate understanding of payment and progress billings, revenue recognition requirements, and cost information.
Outcome Assessment Strategies
The application of construction accounting knowledge should be emphasized in assessment strategies, and should include:
Written examinations which demonstrate the ability to do accounting procedures and understand construction accounting concepts.
Written and online problem assignments which demonstrate the application of appropriate construction accounting procedures.
Any combination of the following: attendance and participation, homework, comprehensive discussion posts and exams.
At the beginning of the course, the instructor will detail the methods used to evaluate student progress and the criteria for assigning a course grade.
Course Content (Themes, Concepts, Issues and Skills)
Accounting equation, Transaction analysis & Accounting Cycle
Double-entry accounting & debits and credits
Chart of Accounts
Journals and Subsidiary ledgers
Payroll Accounting & Required Reporting
Gross Profit Margins
Adjusting and Closing entries
COMPETENCIES AND SKILLS
Apply double-entry accounting to analyze and record construction transactions
Prepare bank reconciliations and related journal entries
Apply payroll procedures to include the calculation and recording of employee earnings, payroll taxes, and employer federal & state reporting requirements
Perform the steps in the accounting cycle to include the preparation of adjustments, trial balances, financial statements, and closing entries
Interpret Financial Statements