The cost of a new building that is currently under construction,not for sale but for a company's own use,is reported on the balance sheet:
A)as an asset called Work in Process.
B)after construction is complete.
C)as an asset called Construction in Progress.
D)as a liability until construction is complete.

Question

Quizplus · Accepted Answer

Construction in progress includes the costs of constructing new buildings and equipment.When construction is finished,these costs are moved from this account into the building or equipment account to which they relate.

The Cost of a New Building That Is Currently Under