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Construction Accounting Glossary

Here's every accounting term subcontractors need to know.

A

B

C

D

Davis-Bacon
Days Working Capital
Debit
Deduction
Depreciable Life
Depreciation
Direct Costs
Direct Labor
Double-Entry Accounting
Draw Request

E

Enterprise Resource Planning (ERP)
Equity
Equity Turnover Ratio
Escrow
Estimate

F

G

G702
G703
General Contractor (GC)
General Ledger (G/L)
General Liability Insurance
General and Administrative Costs (G&A)
Generally Accepted Accounting Principles (GAAP)
Guaranteed Maximum Price (GMP)

I

Income Statement
Indirect Costs
Insurance

J

L

Labor Burden
Lender
Leverage
Liabilities
Lien
Lien Release
Lien Waiver
Liquidated Damages
Long-Term Assets (or Noncurrent Assets)
Long-Term Debt
Long-Term Liabilities (or Noncurrent Liabilities)
Lump Sum Billing

M

Markup
Matching Principle
Material Overhead
Mechanic’s Lien
Milestone
Mobilization
Mortgage

N

Net D
Net Income
Notice of Intent to Lien (NOI)

O

Office
Outside Financing
Overbillings
Overhead
Overhead Allocation
Owner

P

Q

Quantity Survey
Quick Ratio

R

S

Schedule of Values (SOV)
Section 179
Self-Perform
Single-Entry Accounting
Software as a Service (SaaS)
Subcontractor (SC)
Subcontractor Default
Submittal
Surety

T-Z

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