What does 'Project Accounting' mean?

Project accounting is a sort of managerial accounting that focuses on managing and delivering projects. It entails tracking, reporting, and analyzing financial results and consequences and preparing financial reports to track project economic progress; the information derived from this analysis is utilized to assist project management. While project accounting was once limited to huge construction, engineering, and government projects, it has recently spread to various industries. For example, it's popular among government contractors, who need to account for costs by contract to get interim payments. Production accounting is a specific form of project accounting used by production studios to track the expenses of a single film or television episode.