During the execution of a project, procedures for project control and record keeping become indispensable tools to managers and other participants in the construction process. These tools serve the dual purpose of recording the financial transactions that occur as well as giving managers an indication of the progress and problems associated with a project. The problems of project control are aptly summed up in an old definition of a project as "any collection of vaguely related activities that are ninety percent complete, over budget and late." The task of project accounting is to give a fair indication of the existence and the extent of such problems. This course is designed to equip participants with the critical skills and knowledge required to effectively manage resource costs associated with their projects while delivering quality outcomes on a timely basis. Specifically, the course introduces a number of management accounting concepts and techniques that can be used to analyze how projects consume resources, create value for a firm and its customers, and how this value may be enhanced. During this course participants should learn accounting concepts and the accounting cycle as they apply to projects, understand and analyze financial statements, plan and manage project revenue and cash flows, engage in project budgeting and project cost control including variance analysis, analyze project financing options, and evaluate capital investment projects.