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

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

Quizplus · Accepted Answer

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

Billings in Excess of Costs and Profits Are Carried on the Balance