An excess of Construction in Progress over Partial Billings for long-term contracts accounted for on the percentage-of-completion method should be shown as a

A) current asset
B) current liability
C) long-term asset
D) long-term liability

Construction in Progress

An accounting term for the financial balance of ongoing, unfinished construction projects, which is a non-depreciable asset on the balance sheet until the project is completed.

Partial Billings

Invoices sent to clients or customers for a portion of the work completed or products delivered, commonly used in long-term projects.

Current Liability

An entity's financial liabilities that must be settled with lenders within a twelve-month period.