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    dpindian68's Avatar
    dpindian68 Posts: 1, Reputation: 1
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    #1

    Aug 23, 2012, 12:52 AM
    Work-in-progress accounting
    Construction industry - if work done by you will be shown as WIP (Current Asset), but what about expenses? How you are going to show thel advances given to party but bill not sanctioned yet
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Aug 23, 2012, 06:04 AM
    In Job Cost Accounting all expenses pertaining to a project are accounted for as work in progress and when progress is billed according to contract terms, then those costs pass to cost of sales
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