An Excess of Construction in Progress Over Partial Billings for Long-Term

question 39

Multiple Choice

An excess of Construction in Progress over Partial Billings for long-term contracts accounted for on the percentage-of-completion method should be shown as a

• A)current asset
• B)current liability
• C)long-term asset
• D)long-term liability

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Definitions:

Personal Interest

An individual’s curiosity or concern about a particular subject, activity, or thing that provides them enjoyment or benefit.

Self-managed Teams

A type of work group that operates without a traditional manager and is responsible for a complete set of tasks.

Responsible

Describes someone or something reliable and accountable for actions or duties.

Particular Task

A specific duty or responsibility assigned to someone as part of their job or role.