CONSTRUCTION IN PROGRESS Definition

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CONSTRUCTION IN PROGRESS is capital assets under construction or development that have not yet been placed into service, such as a building or parking lot. Capital assets are not subject to depreciation while in a construction in progress status.

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INCOME SUMMARY ACCOUNT is the account in the general ledger used to summarize the revenue and expenses for the fiscal period.

TARIFF, usually, a countrys tax on imports. May sometimes refer to the rate of tax; and, is used interchangeably with the term 'duty'.

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