Question: In accounting for a long-term construction contract using the percentage-of-completion method, the progress billings on contracts account is a a. Contra current asset account. b.

In accounting for a long-term construction contract using the percentage-of-completion method, the progress billings on contracts account is a

a. Contra current asset account.

b. Contra noncurrent asset account.

c. Noncurrent liability account.

d. Revenue account.

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