Problem
1. What are the purposes of the accounting system?
2. What is the difference between cost reporting and cost control?
3. What are the key components of an accounting system that facilitate cost control?
4. What are the different accounting ledgers used by construction companies and what are their purposes?
5. What is the relationship among the chart of accounts, the balance sheet, and the income statement?
6. Compare and contrast the different accounting methods that are available to construction companies.
7. What are the key relationships that must be maintained within the general ledger?
8. What are the key relationships that must be maintained between the general ledger and the job cost ledger?
9. What are the key relationships that must be maintained between the general ledger and the equipment ledger?
10. An invoice is billed to 102.02.12500S. What does each component of this cost code mean?