Long-term contractors maintain accounts for construction in progress (CIP) and Billings on Construction in Progress...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Long-term contractors maintain accounts for construction in progress (CIP) and Billings on Construction in Progress (PB). How are these accounts presented in the financial statements for a particular project?
net as a current asset if CIP > PB
net as a current liability if PB > CIP
CIP is shown separately as a current asset, and PB is shown separately as a current liability.
all of the above
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
