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

Name: Billings in excess of costs and recognized profits are carried on the balance sheet as a(n) ________. A) asset B) liability C) equity D) revenue
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Question

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Billings in excess of costs and recognized profits represent amounts billed to customers that exceed the revenue recognized and are recorded as a liability on the balance sheet.

Billings in Excess of Costs and Recognized Profits Are Carried