Construction Accounting and Financial Management

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9780131109391: Construction Accounting and Financial Management

For courses in Construction Accounting and Construction Finance, as well as upper-level courses in Engineering Economics. This book takes general business accounting and financial principles as well as engineering economics and adapts them to the unique characteristics of the construction industry. It provides all of the key financial management principles needed by construction managers under one cover, addressing how they are applied in the construction industry and how they interact. To get similar material students would have to purchase accounting, finance, and engineering economics books--and they still would not have all the information needed to know how these disciplines specifically relate to the construction industry. This book teaches students how to account for the companys financial resources, how to manage the costs and profits of a construction company, how to manage the companys cash flows, how to evaluate different sources of funding a companys cash needs, and how to quantitatively analyze financial decisions.To assist instructors in teaching these materials the book includes over 180 example problems, over 270 practice problems, and an Instructor's Manual and Disk with complete solutions to the practice problems and sample test problems.

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From the Back Cover:

Focusing on the principles of accounting and financial management needed to make construction projects and companies financially successful, Construction Accounting and Financial Management provides the background for prospective and practicing construction managers. Making no assumptions about any special training, Professor Peterson leads the reader step by step through the business practices needed for solid decision making. All applications are related to the construction field.

Some of the key features include:
  • Determining the profitability of different construction activities, project types, and potential customers, allowing managers to focus on the best aspects of their business.
  • Projecting costs from the first subcontract and purchase order as well as potential cost overruns so they can be quickly addressed.
  • Projecting cash flow and cash requirements so managers can adjust business practices to avoid cash shortages.
  • Tracking and accounting for heavy equipment costs, allowing managers to fairly charge them to the project and to determine the profitability of equipment use.

About the Author:

Steven Peterson, MBA, PE; Associate Professor of Construction Management, Weber State University. Mr. Peterson's specialty is the financial side of the construction industry, including construction accounting, finance, and estimating. He has written two textbooks. In his first textbook, Construction Accounting and Financial Management, he shows construction managers how to take common accounting, financial, and other business principals and adapt these to the unique characteristics of the construction industry. In his second textbook, Construction Estimating using Excel, he shows construction managers how to use the power of Excel throughout the estimating process. He has published a number of articles in Estimating Today, the Official Publication of the American Society of Professional Estimators. Mr. Peterson came to Weber State University from the construction industry where he spent five years working as a senior project manager for medium sized companies. He began his career in construction in 1985 as an estimator for a small general contractor. Other work in the construction industry includes four years as site engineer for a hazardous/radioactive landfill, working as a superintendent, and overseeing the design and construction of Superfund cleanup projects for the State of Utah. Professor Peterson graduated with a BS in engineering and a MBA from the University of Utah. He is a licensed professional engineer in the State of Utah.

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