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What difference between billing and construction in progress

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Reference no: EM132986747

Problem 1: In accounting for long-term construction-type contracts, the difference between Billings and Construction in Progress is:

Select one:

a. Recognized on the balance sheet as a net asset or liability
b. Subtracted from Gross Profit Recognized
c. Added to Gross Profit Recognized
d. Not disclosed as a net amount in the financial statements

Reference no: EM132986747

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