How should the balances of progress billings and construction in process be shown at reporting dates prior to the completion of a long-term contract?

How should the balances of progress billings and construction in process be shown at reporting dates prior to the completion of a long-term contract?

How should the balances of progress billings and construction in process be shown at reporting dates prior to the completion of a long-term contract?

a. Progress billings as deferred income, construction in progress as a deferred expense.

b. Progress billings as income, construction in process as inventory.

c. Net, as a current asset if debit balance, and current liability if credit balance.

d. Net, as income from construction if credit balance, and loss from construction if debit balance.


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