Course Objectives:
To enable participants to learn and understand the project accounting concepts and their application.
Expected Accomplishments:
By the end of the course, participants will be able to:
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Define project, project management and identify various phases of project
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Understand the role and services provided by project accountant
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Apply various accounting techniques for project appraisal
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Prepare project budget and costing work sheets
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Understand concepts of cost analysis, cash flow management and maintenance of financial records for projects
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Close the project with appropriate accounting entries
Who can benefit:
Accounting staff working on projects and in Accounts Department.
Prerequisites:
Basic Accounting Concepts ( Module -III)
ACT-102Basic knowledge of Finance
Course Outline:
Introduction to project and project management
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The project life cycle
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Project Parameters
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Role of accounting in project management
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Typical project accounting services and required skills
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Financial Criteria for project selection; financial analysis using Accounting rate of return, Pay back period, Internal Rate of Return and Net Present Value methods
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Sources of cash flow for a project
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Planning of project; preparing work break down structures
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Planning cost dimension; identification of direct and indirect project costs
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Budgeting problems of project
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Key tasks of project accountant during implementation phase; cost analysis and feed back, cash flow management, financial records, major accounting entries and financial reporting
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Accounting issues on project completion; disposing equipment, material etc and closure of project books
Delivery Method:
Instructor - led classes with individual exercises, case studies and group discussions.
Related Training:
. Budgeting Preparation Process and Techniques
. Financial Forecasting
. Management Accounting
