oboloo Glossary

Gaap Construction Accounting

oboloo Glossary

Gaap Construction Accounting

Generally Accepted Accounting Principles (GAAP) Construction Accounting is an accounting system designed to meet the specific needs of the construction industry. The GAAP Construction Accounting system is based on the same fundamental tenets of accounting that are used in other industries, but also contains specialized rules and principles to meet the unique requirements of the construction business. It provides guidelines for when revenues should be recognized, how projects should be billed and allows for more accurate tracking of project costs, profits and losses. By using GAAP Construction Accounting, you can more accurately stay on top of your finances and make informed decisions about your construction business.