Which of the following is not true about accounting for long-term construction contracts? Multiple Choice Gross profit is debited to construction in progress. Billings on contracts in progress is a contra account to accounts receivable. Long-term construction contracts could show a contract asset or contract liability, depending on the relation between construction in progress and billings. When a customer is billed for payment due, billings on contracts in progress is credited at the same time accounts receivable is debited