16.2. Project Cost Accounting Methodology
Accounting for costs and revenue is a standard part of the business operations of all enterprises, whether they are private entities or public agencies. In the public sector the key requirement is to not incur more costs than the funds allocated by a legislative body. In the private sector, it is to ensure that revenues as a minimum cover costs incurred.
To support financial cost accounting, the accounting system is set up to generate balance sheets and income statements. The general ledger and supporting code of accounts are then established to the requisite level of detail. In addition, most enterprises also require revenue and cost reports for the various business units and supporting functional organizations. ...
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