Question: 1. Construction in Progress' account that is used for long-term construction contracts is classified as inventory account on the balance sheet. a) True b) False

1. "Construction in Progress' account that is used for long-term construction contracts is classified as inventory account on the balance sheet. a) True b) False 2. "Billings on Construction in Progress' is a contra inventory account and have a credit normal balance a) True b) False

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