Multiple Choice: (8 questions of which will grade 6 @ 3 points per question) (18 points) ce What type of account is Construction in Progress? 1. a. asset b. contra asset c. expense d. Receivable A construction project is expected to take two-and-a-half years to complete. Partial Billings is less than Construction in Progress. The two accounts are reported together on the balance sheet in the 2. a. current assets section. b. long-term assets section. c. current liabilities section. d. long-term liabilities