What type of account is Construction in Progress?
A) asset
B) contra asset
C) expense
D) receivable

Name: What type of account is Construction in Progress? A) asset B) contra asset C) expense D) receivable
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Question

Quizplus · Accepted Answer

Construction in Progress is considered an asset because it represents the costs incurred for the construction of buildings or infrastructure that are not yet completed. These costs are capitalized, meaning they are recorded as an asset on the balance sheet, rather than being expensed immediately.

What Type of Account Is Construction in Progress