Mastering Electric Construction Cost Accounting
Master the complete work order accounting process — from project authorization through capitalization, overhead allocation, and asset retirement. Built for utility and co-op finance professionals who need to get construction accounting right.
- 22 lessons with 2 hours of video
- Downloadable PDF & Excel materials
- Interactive exercises and flip cards
- Review questions in each module
- NASBA-compliant final exam (15 questions)
- Certificate of completion (3.00 CPE)
Master the Complete Work Order Accounting Process Under FERC & RUS Standards
The FERC Uniform System of Accounts (USoA) is the bedrock of electric utility accounting in the United States. Every transaction, every capital project, every financial report ties back to this foundational framework — and understanding it is essential for anyone working in utility finance, operations, or management.
This course gives you a clear, practical grounding in how the system is structured and how to apply it with confidence. Plain language, real utility examples, and interactive exercises make the material stick.
- Utility and co-op accountants responsible for work orders
- Engineers and project managers who initiate and manage capital projects
- Finance managers overseeing plant-in-service and CWIP balances
- Staff who calculate or review overhead rates
- Anyone involved in rate cases who needs to understand construction cost recovery
- CPAs and auditors serving utilities and cooperatives
Russ Hissom, CPA
Russ Hissom, CPA is a principal of UtilityEducation.com, providing on-demand professional education in FERC, RUS, FASB, and GASB accounting, finance, and ratemaking for electric utilities and cooperatives. With over 30 years of hands-on industry experience, he brings real-world expertise to a modern learning platform trusted by more than 1,000 professionals.
What You'll Be Able to Do After This Course
Inside the Course
Course overview, roadmap, and learning objectives — setting the stage for the full work order accounting process.
- 0.1 – Introduction to FERC/RUS Construction Accounting
- 0.2 – Your Course Roadmap
- 0.3 – Course Learning Objectives
Establishes why construction accounting decisions directly drive customer rates — and the cost of getting it wrong.
- 1.1 – Why Construction Accounting Drives Your Rates Free Preview
To access the free preview: Click "Watch Free Lesson Preview" at the top of this page to view Lesson 1.1 at no charge before enrolling.
Covers the four categories that every construction cost must be classified into: Labor, Materials, Direct Costs, and Overheads.
- 2.1 – The Four Cost Types for Every Project
Explains what standard units are, why they are essential to the work order system, and how to build them using a standard unit template.
- 3.1 – Building a Standard Unit: Why You Need These in a Work Order System
- 3.2 – Standard Unit Template
Walks through the calculation of fully-loaded labor overhead rates and how to apply them to construction work orders.
- 4.1 – Developing Fully Costed Labor Overhead Rates
Covers stores (materials management) overhead rates, how they are calculated as a percentage of materials issued, and review questions for Modules 1–5.
- 5.1 – Developing Materials Management (Stores) Overhead Rates
- 5.2 – Review Questions: Modules 1–5
Covers equipment overhead rate development and application, with an interactive exercise classifying overhead types.
- 6.1 – Developing and Applying Equipment Overhead Rates
- 6.2 – Exercise: What Are These Overheads?
Develops the Allowance for Funds Used During Construction (AFUDC) rate and demonstrates monthly application to outstanding CWIP balances.
- 7.1 – The Cost of Capital: Developing the AFUDC Rate
Covers G&A overhead development and the 3-point allocation method, with a cost classification exercise and a spreadsheet template to calculate your own rates.
- 8.1 – Developing and Allocating Administrative Costs to Projects
- 8.2 – Exercise: Classify These Costs
- 8.3 – Spreadsheet Template: Calculate Your Overheads
Covers the unitization process — transferring completed project costs from CWIP to plant in service — and review questions for Modules 6–9.
- 9.1 – Closing Work Orders: The Unitization Process
- 9.2 – Review Questions: Modules 6–9
Course summary and the NASBA-compliant final exam. A passing score of 70% earns your 2.00 CPE certificate.
- 10.1 – Putting It All Together: Course Summary
- 10.2 – Final Exam for NASBA Certification (15 questions, 70% to pass)
- 10.3 – Course Evaluation
- 10.4 – You're Now a Construction Accounting Expert!
Trusted by Over 1,000 Utility Professionals
"Very good overview of the introduction to the electricity business. I just started a job with a utility and will definitely be taking another course through UtilityEducation.com."
"The Intro to FERC class is a well thought out, easy to understand course for beginners!"
"This was an incredible overview! I cannot wait to share this with others. I LOVED how you explained things."
"Russ was great and explained everything really well — someone who has actually been in the industry. I will be taking more courses!"
"I am new to the Co-op world and this did help me. Thank you!"
"I found it very helpful as a new employee needing to learn and understand FERC Accounting. I look forward to the next class."
Frequently Asked Questions
Continue Your Development
Part of the New Electric Utility Accounting Professional and New Electric Cooperative Accounting Professional learning paths — a structured set of courses to build core electric utility accounting skills. Courses may be taken in any order.
Ready to Master Construction Cost Accounting?
Utility Accounting and Rates Specialists, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBAregistry.org.
Requests for refunds must be made in writing within 30 days of purchasing the course. No refunds will be granted after the qualified assessment has been completed. For any concerns, please contact us at 608-628-4020 or at russ.hissom@utilityeducation.com.
Course materials are provided for informational and educational purposes only. They do not constitute legal, accounting, or professional advice. © 2026 Utility Accounting & Rates Specialists, LLC. All rights reserved.