Costs and recognized profits in excess of billings are carried on the balance sheet as a(n) ________.
A) asset
B) liability
C) equity
D) revenue

Name: Costs and recognized profits in excess of billings are carried on the balance sheet as a(n) ________. A) asset B) liability C) equity D) revenue
Brand: Quizplus
Rating: 4.7 (34 reviews)

Question

Quizplus · Accepted Answer

Costs and recognized profits in excess of billings are considered an asset because they represent work performed but not yet billed to the customer.

Costs and Recognized Profits in Excess of Billings Are Carried