Project Cost Accounting is the accurate tracking of expenditure costs for the services, equipment, materials, and labour costs as well as the construction cost and expenses that differs from general accounting in which records expenses and revenues. Project Cost Accounting tracks costs to the project in addition to expenses, billings, payments, and financial benefits associated with a project including the analysis of expenditures with committed budgets, and forecaste EAC (Estimate at Completion) and ETC (Estimate to Completion) costs for the entire project duration. The Project Cost Accounting can be a valuable tool for effective project management by providing a detailed view of project financials and progress.
Related Definitions in the Project: The Project Cost; Project Controls; Project Management
