Finance:Engineering Accounting

Engineering Accounting is a subset of Project accounting. The target of Engineering Accounting is to properly track and report the use of resources in relation to engineering projects. It differs from Construction Accounting due to the basis of the inputs and the goals of the reporting. Engineering Accounting combines management reporting and financial reporting for engineering based projects.

Engineering Accounting is a field that identifies project scope then measures and communicates costs of a projects outcomes. Costs include labor, reimbursable items and unit pricing charges. These costs are measured against budget systems like Cost Plus, Cost Plus Max and Lump Sum jobs to determine economic outcomes.

Engineering Accounting is a field long overdue for study as the costs associated with engineering has risen to 12.5%