Construction in Progress
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CONSTRUCTION IN PROGRESS - is capital assets under construction or development that have not yet been p...
CONSTRUCTION LOAN - An interim loan that is used to pay for the building of a home as it is constructed...
CONSTRUCTION IN PROGRESS - A general ledger account that reflects the cost of construction work undertaken on capital projects, but not completed as of the end of the accounting period.
Construction in Progress
A current asset of contractors where accumulated costs exceed billings on a contract.
Construction Loan ...
Billings on contract is a contra account to the construction in progress inventory account for long-term construction contracts. It represents cumulative billings to the final customer.
Bill of materials ...
Assets usually are divided into two classes: fixed assets (sometimes referred to as non-current assets), including property, plant and equipment (PP&E), construction in progress, leasehold improvements; and current assets, including cash, ...
interim billings for construction work or government contract work. The entry is to debit progress billings receivable and credit progress billings on construction in progress. Progress billings is a contra account to construction-in-progress.
Fixed Assets
Assets with a useful life in excess of one year and an initial cost equal to or exceeding $7,500. Classifications include land, buildings, machinery, furniture, equipment and construction in progress. Synonymous with Capital Outlay.
 See also: Expense, Capitalized, Job, Generally accepted accounting principles, Saving
  
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