Yes they are. But… there are many things to keep track through project management not only accrual costs and revenues.
Typically a project is characterized by a timetable, ie a start, a development and an end; it is also characterized by different contracts (procurements, financings) that concoure to establish a binding budget.
You have to keep track through the time of how much work you have done and it is quite clear that most of the characteristics that you have to map are in the Balance Sheet and not in the P&L. Of course one can force, thanks to the new Custom Reports, tracking codes out of the field of P&L and use them in the Balance Sheet. But you have to keep track of the work in progress and you must use more fantasy using specular values inside the same account of the BS (with different tracking codes) to create some sorts of memo accounts.
It is something strictly related to what was recently discussed in another topic of mine:
So the answer is… yes, you can track projects! But you must know Manager very well and force a lot some instruments to achieve somehow what you need.