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Long-term contractors maintain accounts for construction in progress (CIP) and Billings on Construction in Progress...

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Accounting

Long-term contractors maintain accounts for construction in progress (CIP) and Billings on Construction in Progress (PB). How are these accounts presented in the financial statements for a particular project?

net as a current asset if CIP > PB

net as a current liability if PB > CIP

CIP is shown separately as a current asset, and PB is shown separately as a current liability.

all of the above

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