CONSTRUCTION IN PROGRESS Definition

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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PEER REVIEW, in accounting, is a practice monitoring program in which the audit documentation of one CPA firm is periodically reviewed by independent partners of other firms to determine that it conforms to the standards of the profession.

PORTFOLIO is a term for describing all the investments that an entity owns. A diversified portfolio contains a variety of investments.

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